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Theory of the Firm (Economics) Terms 1

What term best describes the following definitions/formulas?
Quiz by bill69
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Last updated: July 27, 2023
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First submittedJuly 27, 2023
Times taken48
Average score58.3%
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Hint
Answer
Total Revenue - Total Costs =
Profit
The factor of production that refers to the produced means of production
Capital
Fixed Cost + Variable Cost =
Total Cost
As each additional unit of a variable input is added, total output increases by less than the previous unit
Diminishing Returns
Total Cost / Output =
Average Cost
Reductions in total cost per unit as output increases
Economies of Scale
Hint
Answer
As each additional unit of a variable input is added, total output decreases
Negative Returns
Change in total revenue as one more unit of output is produced
Marginal Revenue
Output / Inputs =
Productivity
As each additional unit of a variable input is added, total output increases by my more than the previous unit
Increasing Returns
The factor of production that refers to all natural resources
Land
Price x Quantity Sold =
Total Revenue
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