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9 Cards in this Set

  • Front
  • Back

Marginal productionof labor

The change in output from hiring one additional unit of labor

Increasing marginal returns

A level of production in which the marginal product of labor increases a s the number

Diminishing marginal returns

A level of production in which the marginal product of labor decreases

Fixed cost

A cost that does not change no matter how much of a good us produced

Variable cost

A cost that rises or fallls dependimg on how much is produced

Total cost

Fixed cost plus variable cost

Marginal cost

The cost of producing one more unit of a good

Marginal revenue

The additional income from selling one more unit of a good

Operating cost

The cost of operating a facility such as a store or factory