question
opportunity
answer
_____ cost is the value of the best alternative surrendered when a choice is made.
question
short
answer
The ______ run is a period in which at least one input is fixed.
question
long
answer
The ____ run is a period in which all inputs can be varied.
question
marginal physical product
answer
______ is the change in output with one additional unit of input.
question
marginal
answer
______ cost is the change in total cost from producing an additional unit of output.
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fixed
answer
____ costs are costs that do not vary with output.
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variable
answer
____________________ costs are costs that vary with output.
question
diminishing marginal returns
answer
The Law of ___
-applies eventually when larger amounts of a variable input are combined with fixed inputs
-causes an increase in the marginal cost of production
-applies eventually when larger amounts of a variable input are combined with fixed inputs
-causes an increase in the marginal cost of production
question
marginal cost
answer
will begin to increase when production reaches the point of diminishing marginal returns
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fixed costs
answer
are the costs associated with the fixed inputs
question
lowest
answer
If marginal cost is equal to ATC:
ATC must be at its __ point
ATC must be at its __ point
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