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Match each cost idea to its meaning

Exercise and reference answers

Matching pairs
  1. Left
    Explicit cost
    Right
    An actual payment made out
  2. Left
    Implicit cost
    Right
    Something given up, unpaid
  3. Left
    Economic profit
    Right
    Revenue less all costs
  4. Left
    Fixed cost
    Right
    Cost of the fixed inputs
  5. Left
    Diminishing
    Right
    Each extra unit adds less
Instructions
Tap a term on the left, then tap its meaning on the right.

Explanation

_Source: OpenStax Principles of Microeconomics for AP(R) Courses 2e (CC BY 4.0), Ch 7 'Production, Costs and Industry Structure', sections 7.1-7.4_
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