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The Firm, Profit, and the Costs of Production
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Avg score: 33% • Most missed: “Explicit costs”
The Firm, Profit, and the Costs of Production
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25 Questions

1. Accounting profit

2. Relationship between APL and AVC

3. Marginal Product of Labor (MPL)

4. Constant returns to scale

5. Short run

6. Economic profit

7. Fixed inputs

8. Average total cost (ATC)

9. Variable inputs

10. Economies of scale

11. The firm

12. Total cost (TC)

13. Total fixed costs (TFC)

14. Diseconomies of scale

15. Explicit costs

16. Long run

17. Total Product of Labor (TPL)

18. Production function

19. Total variable costs (TVC)

20. Relationship between MPL and MC

21. Implicit costs

22. Law of diminishing marginal returns

23. Marginal cost (MC)

24. Average variable cost (AVC)

25. Average fixed cost (AFC)

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