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7 Cards in this Set
- Front
- Back
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Total variable cost is defined as.. |
Changes as the firm changes its output |
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The firm's total product curve shows.. |
How the amount of output changes when the quality of labor changes |
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When a firm experiences economies of scale, it's ___ cost curve slopes ___ as output increases |
Long-run average, downward |
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If marginal cost is LESS THAN AVERAGE variable cost and output increases, average total cost ___ and average variable cost ____ |
Decreases, decreases |
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The short run is a period of time in which |
The quantity used of at least one factor of production is fixed |
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If marginal cost is LESS than average total cost, than ____ is _____ |
Average total cost ; falling |
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Marginal cost is the increase in total _____ that results from a one unit increase in _____ |
Cost; output |
