Nabors Microeconomics Chapter 8 Exam 3 - Custom Scholars
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Nabors Microeconomics Chapter 8 Exam 3

question
marginal
answer
one more unit
question
Economic Profit
answer
total revenues - (explicit costs + implicit costs)
question
Economic Profit
answer
accounting profit - implicit costs
question
Accounting profit
answer
total revenue - explicit costs
question
TVC
answer
total variable cost
question
TFC
answer
total fixed cost
question
TC
answer
total cost (TVC+TFC)
question
AVC
answer
average variable cost (VC/Q)
question
AFC
answer
average fixed cost (FC/Q)
question
ATC
answer
average total cost (TC/Q) (AVC+AFC)
question
MC
answer
Marginal Cost
(change in TC/change in Q)
question
economies of scale
answer
decreases in cost per unit as output increases
question
diseconomies of scale
answer
increases in cost per unit when output increases
question
constant returns to scale
answer
when long-run average total cost is constant as output increases
question
explicit costs
answer
costs that require a firm to spend money (rent, furniture, wages, bills)
question
implicit costs
answer
Indirect, non-purchased, or opportunity costs of resources provided by the entrepreneur (business owners time, capital investment)
question
Factors of production
answer
resources used to produce goods and services
question
Efficient scale
answer
the quantity of output that minimizes average total cost
1 of 18
question
marginal
answer
one more unit
question
Economic Profit
answer
total revenues - (explicit costs + implicit costs)
question
Economic Profit
answer
accounting profit - implicit costs
question
Accounting profit
answer
total revenue - explicit costs
question
TVC
answer
total variable cost
question
TFC
answer
total fixed cost
question
TC
answer
total cost (TVC+TFC)
question
AVC
answer
average variable cost (VC/Q)
question
AFC
answer
average fixed cost (FC/Q)
question
ATC
answer
average total cost (TC/Q) (AVC+AFC)
question
MC
answer
Marginal Cost
(change in TC/change in Q)
question
economies of scale
answer
decreases in cost per unit as output increases
question
diseconomies of scale
answer
increases in cost per unit when output increases
question
constant returns to scale
answer
when long-run average total cost is constant as output increases
question
explicit costs
answer
costs that require a firm to spend money (rent, furniture, wages, bills)
question
implicit costs
answer
Indirect, non-purchased, or opportunity costs of resources provided by the entrepreneur (business owners time, capital investment)
question
Factors of production
answer
resources used to produce goods and services
question
Efficient scale
answer
the quantity of output that minimizes average total cost
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