question
normal profit
answer
break even, economic zero
question
variable costs
answer
costs that vary directly with the level of production
question
fixed costs
answer
costs that remain constant as output changes
question
total costs
answer
fixed costs + variable costs
question
optimal output formula
answer
marginal cost = marginal product
question
explicit costs
answer
input costs that require an outlay of money by the firm
question
economies of scale
answer
factors that cause a producer's average cost per unit to fall as output rises
question
perfectly competitive market
answer
sells common product sold by many and it is sold at market price "price makers"
question
diseconomies of sale
answer
the situation that occurs when adding more resources creates inefficiencies
question
marginal product of labor
answer
the change in output from hiring one additional unit of labor
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