• Shuffle
Toggle On
Toggle Off
• Alphabetize
Toggle On
Toggle Off
• Front First
Toggle On
Toggle Off
• Both Sides
Toggle On
Toggle Off
Toggle On
Toggle Off
Front

### How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

Play button

Play button

Progress

1/16

Click to flip

### 16 Cards in this Set

• Front
• Back
 total physical product (TTP) the maximum output that can be produced when successive units of a variable resource are added to fixed amounts of other resources law of diminishing marginal returns when successive equal amounts of a variable resource are combined with a fiexed amount of another resource, marginal increases in output that can be attributed to each additional unit of the variable resource will eventually decline average physical product (APP) output per unit of resource marginal physical product (MPP) the additional quantity that is produced when one additional unit of a resource is used in combination with the same quantities of all other resources average total cost (ATC) per unit cost; total cost divided by the total output marginal cost (MC) the additional cost of producing one more unit of output total fixed costs (TFC) costs that must be paid whether a firm produces or not total variable costs (TVC) costs that rise or fall as production rises or falls total costs (TC) the sum of total variable and total fixed costs short-run average total cost (SRATC) the total cost of production divided by the total quantity of output produced when at least one resource is fixed scale size; all resources change when scale changes long-run average total cost (LRATC) the lowest-cost combination of resources with which each level of output is produced when all resources are variable economies of scale the decrease in per unit costs as the quantity of production increases and all resources are variable diseconomies of scale the increase in per unit costs as the quntity of production increases and all resources are variable constant returns to scale unit costs remain constant as the quantity of production is increases and all resource are variable minimun efficient scale (MES) the minimum point ot the long-run average-cost curve; the output level at which the cost per unit of output is the lowest