Chapter 11 Costs and Profit Maximization Under Competition
0.0(0)
Studied by 0 people0.0(0)
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/5
Earn XP
Description and Tags
This set of flashcards covers key concepts from Chapter 11 on costs and profit maximization under competitive conditions.
Study Analytics
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
6 Terms
1
New cards
Costs
The expenses incurred in the production of goods or services.
2
New cards
Profit Maximization
The process of increasing profits by adjusting production levels and pricing.
3
New cards
Competition
The rivalry among businesses to attract customers and increase sales.
4
New cards
Changing Costs
Variations in costs that can affect a company's profitability and production decisions.
5
New cards
Economic Profit
Total revenue minus total cost, including both explicit and implicit costs.
6
New cards
Total Cost
The sum of fixed costs and variable costs in the production process.