question
total product
answer
Total output produced by the firm.
question
marginal product
answer
The increase in output that arises from an additional unit of input.
question
law of diminishing returns
answer
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.
question
fixed cost
answer
a cost that does not change, no matter how much of a good is produced
question
depreciation
answer
a decrease in price or value
question
overhead
answer
A company's total fixed costs
question
variable cost
answer
a cost that rises or falls depending on how much is produced
question
total cost
answer
the sum of fixed costs plus variable costs
question
marginal cost
answer
the increase or decrease in costs as a result of one more or one less unit of output
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
