What is fixed cost divided by the quantity of output produced?
Average Product of labor
What is the total out put produced by a firm divided by the quantity ?
Average total cost
What is total cost divided by the quantity of output produced?
Average Variable Cost
What is variable cost divide by quantity of output produced?
Constant Returns to Scales
What is the situation when a firm's long run average costs remain unchanged as it increases output?
Diseconomies of scale
What is the situation when a firm's long-run average costs rise as the firm increases output?
Economies of Scale
What is the situation when a firm's long run average costs fall as it increases output?
What are costs that remain constant as output changes?
What is a non monetary opprotunity cost?
Law of diminishing return
What is the principle that, at some point adding more of a variable input such as labor, to the same amount of a fixed input, such as capital, will cause the marginal product of the variable input to decline?
What is the period of time in which a firm can vary all its inputs, adopt new technology and increase or decrease the size of its physical plant.?
Long run average cost curve
What is a curve showing the lowest cost at which a firm is able to produce a given quantity of output in the long run, when no inputs are fixed?
What are the additional cost to a firm of producing one more unit of a good or service?
Marginal Product of Labor
What is the additional output a firm produces as a result of hiring one more worker?
Minimum efficient scale
What is the level of output at which all economies of scale are exhausted?
What is the highest valued alternative that must be given up to engage in an activity?
What is the relationship between the inputs employed by a firm and the maximum output it can produce with those inputs?
What is the period of time during which at least one of a firm's inputs is fixed
What is a change in the ability of a firm to produce a given level of output with a given quantity of inputs/
What is the process a firm uses to turn inputs into outputs of goods and services?
What is the cost of all the inputs a firm uses in production?
What are costs that change as output changes?
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