Key Terms

Question

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

Production function

Fixed input

Variable input

Long run

Short run

Total product curve

Marginal product

Diminishing returns to an input

Fixed cost

Variable cost

Total cost

Total cost curve

Average total cost

Average cost

U-shaped average total cost curve

Average fixed cost

Average variable cost

Minimum-cost output

Long-run average total cost curve

Increasing returns to scale

Decreasing returns to scale

Constant returns to scale