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31 questions
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  • Q1
    total revenues minus explicit costs, including depreciation
    accounting profit
    30s
  • Q2
    profit divided by the quantity of output produced; also known as profit margin
    average profit
    30s
  • Q3
    total cost divided by the quantity of output
    average total cost
    30s
  • Q4
    variable cost divided by the quantity of output
    average variable cost
    30s
  • Q5
    expanding all inputs proportionately does not change the average cost of production
    constant returns to scale
    30s
  • Q6
    general rule that as a firm employs more labor, eventually the amount of additional output produced declines
    diminishing marginal productivity
    30s
  • Q7
    the long-run average cost of producing output increases as total output increases
    diseconomies of scale
    30s
  • Q8
    total revenues minus total costs (explicit plus implicit costs)
    economic profit
    30s
  • Q9
    the long-run average cost of producing output decreases as total output increases
    economies of scale
    30s
  • Q10
    out-of-pocket costs for a firm, for example, payments for wages and salaries, rent, or materials
    explicit costs
    30s
  • Q11
    resources that firms use to produce their products, for example, labor and capital
    factors of production
    30s
  • Q12
    resources that firms use to produce their products, for example, labor and capital
    inputs
    30s
  • Q13
    an organization that combines inputs of labor, capital, land, and raw or finished component materials to produce outputs
    firm
    30s
  • Q14
    cost of the fixed inputs; expenditure that a firm must make before production starts and that does not change regardless of the production level
    fixed cost
    30s
  • Q15
    factors of production that can't be easily increased or decreased in a short period of time
    fixed inputs
    30s

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