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Profit, Cost, Competition

Please see the attached file.

MATCHING: Place only one letter in each space and use any one letter only once. One point each.

____ 1. Cause of increasing long-run A. Normal Profit
average total costs
B. Variable Cost
____ 2. Raw Materials
C. Diminishing Returns
____ 3. Total Revenue -
(Explicit + Implicit Costs) D. Pure Competition

____ 4. Market structure where many firms E. Fixed Cost
produce a differentiated product
F. Economic Profit
____ 5. The amount the entrepreneur could
earn elsewhere G. Diseconomies of Scale

____ 6. Change in total variable cost as H. Marginal Cost
output changes by one unit
I. Monopolistic Competition

J. Average Variable Cost

K. Economies of Scale

L. Accounting Profit

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