Average Variable Cost
Give this one a try later!
variable cost divided by the quantity of output
Production function
,Give this one a try later!
the relationship between quantity of inputs used to make a good and the
quantity of output of that good
Marginal Change
Give this one a try later!
a small incremental adjustment to plan of action
Implicit Costs
Give this one a try later!
input costs that do not require an outlay of money by the firm
Rational People
Give this one a try later!
people who systematically and purposefully do the best they can to
achieve their objectives
Inflation
, Give this one a try later!
an increase in the overall level of prices in the economy
Monopolistic Competition
Give this one a try later!
a market structure in which many firms sell products that are similar but not
identical
Market Economy
Give this one a try later!
an economy that allocates resources through the decentralized decisions
of many firms and households as they interact in markets for goods and
services
Marginal Product
Give this one a try later!
the increase in output that arises from an additional unit of inpuit
Deadweight Loss
Give this one a try later!
variable cost divided by the quantity of output
Production function
,Give this one a try later!
the relationship between quantity of inputs used to make a good and the
quantity of output of that good
Marginal Change
Give this one a try later!
a small incremental adjustment to plan of action
Implicit Costs
Give this one a try later!
input costs that do not require an outlay of money by the firm
Rational People
Give this one a try later!
people who systematically and purposefully do the best they can to
achieve their objectives
Inflation
, Give this one a try later!
an increase in the overall level of prices in the economy
Monopolistic Competition
Give this one a try later!
a market structure in which many firms sell products that are similar but not
identical
Market Economy
Give this one a try later!
an economy that allocates resources through the decentralized decisions
of many firms and households as they interact in markets for goods and
services
Marginal Product
Give this one a try later!
the increase in output that arises from an additional unit of inpuit
Deadweight Loss
