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8 Cards in this Set
- Front
- Back
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fixed cost divided by the quantity produced
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average fixed cost
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a situation in which an increase in the quantity produced increases the long-run average cost of production
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diseconomies of scale
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the sum of explicit and implicit costs
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economic cost
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costs that vary as the firm changes its output
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variable costs
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the opportunity costs of non purchased inputs
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implicit costs
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costs that do not depend on the quantity produced
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fixed costs
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the firm's actual cash payments for its inputs
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explicit costs
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a situation in which an increase in the quantity produced decreases the long-run average cost of production
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economies of scale
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