question
implicit cost related to the health club
answer
previously worked as an accountant, earning $3,000 a month
question
Normal Profit
answer
same thing as earning zero economic profit
question
a fixed input is an input whose quantity...
answer
cannot be changed as output changes in the short run
question
in the short run...
answer
changes in input can only be brought about by a change in the quantity of variable inputs
question
as the marginal physical product curve rises...
answer
the marginal cost curve falls
question
marginal physical product
answer
the change in input that results from changing a variable input by one unit, holding all other inputs fixed
question
the marginal physical product curve
answer
look to observe the law of diminishing marginal returns
question
marginal physical product of a variable input, and the marginal cost
answer
as one goes up the other goes down
question
if wage rate is constant and diminishing marginal returns have already set in...
answer
marginal cost increases
question
average fixed costs in the long run
answer
are equal to zero
question
the long-run average total cost (LRATC) curve shows the
answer
lowest unit cost at which the firm can produce any given level of output
question
economies of scale are relevant to the
answer
long run
question
law of diminishing marginal returns is relevant to the
answer
short run
question
a rise in variable input prices will affect
answer
variable and marginal costs
question
will not change a firm's cost curves
answer
change in the price of the good the firm produces
question
example of market coordination
answer
bad weather wipes out half the pineapple crop in Hawaii, the price of pineapples rises, and consumers cut back on their purchases of pineapples
question
Firms are formed when
answer
the sum of what individuals can produce as a team is greater than the sum of what individuals can produce working alone
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
