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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 increases |
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Diminishing marginal returns |
A level of production in which the marginal product of labor decreases as the number of workers increases |
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Fixed cost |
A cost that does not change, no matter how much of a good is produced |
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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 costs |
The cost of operating a facility, such as a store or factory |
