Hayes Ole Miss ECON 202 Final
Study online at https://quizlet.com/_7n2l65
1. To the economist, total cost includes: explicit and implicit costs
2. To economists, the main difference between the short in the long run all re-
run and the long run is that: sources are variable, while
in the short run at least
one resource is fixed.
3. Marginal product is the change in total output
attributable to the employ-
ment of one more worker
4. If a variable input is added to some fixed input, beyond law of diminishing returns
some point the resulting extra output will decline. This
statement describes:
5. Fixed cost is any cost that does not
change when the firm
changes its output.
6. The total product curve graphically shows how much Output the firm an pro-
duce with various quanti-
ties of input
7. Marginal cost can be defined as the Change in total cost result-
ing from one more unit of
production
8. Variable costs change directly with output True
9. law of diminishing returns explains why short run mar- True
ginal curves are upsloping
10. Economies and Diseconomies of Scale explain
1/3
Study online at https://quizlet.com/_7n2l65
1. To the economist, total cost includes: explicit and implicit costs
2. To economists, the main difference between the short in the long run all re-
run and the long run is that: sources are variable, while
in the short run at least
one resource is fixed.
3. Marginal product is the change in total output
attributable to the employ-
ment of one more worker
4. If a variable input is added to some fixed input, beyond law of diminishing returns
some point the resulting extra output will decline. This
statement describes:
5. Fixed cost is any cost that does not
change when the firm
changes its output.
6. The total product curve graphically shows how much Output the firm an pro-
duce with various quanti-
ties of input
7. Marginal cost can be defined as the Change in total cost result-
ing from one more unit of
production
8. Variable costs change directly with output True
9. law of diminishing returns explains why short run mar- True
ginal curves are upsloping
10. Economies and Diseconomies of Scale explain
1/3
