Microeconomics ch 13

The amount a firm recieves for the sale of its output.

The market value of the inputs a firm uses in production.

Total revenue minus total cost.

Input costs that require an outlay of money by a frim.

Input costs that do not require an outlay of money by the firm.

Total Revenue minus total cost, including both explicit and implicit costs.

Total revenue minus total explicit cost.

The relationship between quantity of inputs used to make a good and the quantity of output of that good.

The increase in output that arises from an addtional unit of input.

The property whereby the marginal product of an input declines as the quantity of the input increases.

Costs that do not vary with the quantity of output produced.

Costs that vary with the quantity of output produced.

Total Cost divided by the quantity of output.

Fixed cost divided by the quantity of output.

Variable cost divided by the quantity of output.

The increase in total cost that arises from an extra unit of production.

The quantity of output that minimizes average total cost.

The property whereby long-run average total cost falls as thequantity of output increases.

The property whereby long-run average total cost rises as the quantity of output increases.

The property whereby long-run average total cost stays the same as the quantity of output changes.