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short run
answer
a period in which some inputs are considered to be fixed in quantity
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marginal product
answer
the change in total output resulting from a one-unit increase in the quantity of an input used, holding the quantities of all other inputs constant is
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diminishing marginal returns
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when an additional unit of a variable input adds less to total product than the previous unit, the firm must be experiencing...
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falls
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when marginal physical product increases marginal cost
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increasing returns to scale
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if all inputs increased by X% and output increased by more then X%, it must be the case that there are
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explicit cost
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monetary cost is equal to what?
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implicit cost
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non-monetary cost is equal to what?
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bounded rationality
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Describes making decisions within the constraints of limited information and alternatives.
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optimal decision
answer
All implicit and explicit costs, and the time frame in which they are incurred, are important variables in determining what?
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