the costs of production

Costs that do not vary with the quantity of output produced

• Fixed costs

• Marginal cost

• Implicit costs

• Total cost

Total revenue minus total cost

• Marginal profit

• Marginal Revenue

• Profit

• Accounting profit

The increase in total cost that arises from an extra unit of production

• Implicit costs

• Average fixed cost

• Average total cost

• Marginal cost

The property whereby long-run average total cost falls as the quantity of output increases

• Constant returns to scale

• Economies of scale

• Diseconomies of scale

• Efficient scale

The property whereby long-run average total cost stays the same as the quantity of output changes

• Constant returns to scale

• Economies of scale

• Diseconomies of scale

• Efficient scale

Input costs that do not require an outlay of money by the firm

• Average fixed cost

• Total cost

• Implicit costs

• Marginal cost

The increase in output that arises from an additional unit of input

• Marginal product

• Production function

• Diminishing marginal product

• The cost of production

The market value of the inputs a firm uses in production

• Implicit costs

• Marginal cost

• Fixed costs

• Total cost

The property whereby long-run average total cost rises as the quantity of output increases

• Diseconomies of scale

• Constant returns to scale

• Economies of scale

• Efficient scale

Fixed costs divided by the quantity of output

• Average fixed cost

• Variable costs

• Fixed costs

• Marginal cost