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Definitions of the price system and the microeconomy 2
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What is the marginal product?
What is the marginal product?
The change in output arising from the use of one or more unit of a factor of production.
What are diminishing returns?
What are diminishing returns?
Where the output from an additional unit of input leads to a fall in the marginal product.
What is a firm?
What is a firm?
Any business that hires factors of production in order to produce goods and services.
What are fixed costs?
What are fixed costs?
Costs that are independent of output in the short run.
What are variable costs?
What are variable costs?
Those that vary directly with output; all costs are variable in the long run.
What are decreasing returns to scale?
What are decreasing returns to scale?
Where factor inputs increase at a proportionately faster rate than the increase in output.
What are economies of scale?
What are economies of scale?
The benefits gained from falling long-run average costs as the scale of output increases.
What are diseconomies of scale?
What are diseconomies of scale?
Where long-run average costs increase as the scale of output increases.
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