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