1. This chapter discusses many types of costs:

opportunity cost, total cost, fixed cost, variable cost, average total cost, and marginal cost.

Fill in the type of cost that best completes each sentence:

a. What you give up for taking some action is called the ______.

b. _____ is falling when marginal cost is below it and rising when marginal cost is above it.

c. A cost that does not depend on the quantity produced is a ______.

d. In the ice-cream industry in the short run, ______ includes the cost of cream and sugar but not the cost of the factory.

e. Profits equal total revenue less ______.

f. The cost of producing an extra unit of output is the ______. p-9875