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9 Cards in this Set
- Front
- Back
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marginal product of labor |
the change in output from hiring one additional unit of labor |
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increasing marginal returns |
a level of production in which the marginal product of labor increases as the number of workers increase |
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diminishing marginal returns |
a level of production in which the marginal product of labor decreases as the number of workers increase |
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fixed cost |
a cost that does not change |
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variable cost |
a cost that rises or falls depending on how much is produced |
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total cost |
fixed costs plus variable costs |
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marginal cost |
the cost of producing one more unit of a good |
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marginal revenue |
the additional income from selling one more unit of a good |
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operating cost |
the cost of operating a facility |
