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ECON 103.006
FINAL TERMS (Ch's 7,8)
28
Economics
Undergraduate 1
05/13/2016
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Term
production function
 Definition
Term
short-run
 Definition
Term
fixed input
 Definition
Term
variable input
 Definition
Term
fixed cost
 Definition
Term
variable cost
 Definition
Term
total cost
 Definition
Term
average cost
 Definition
Term
average variable cost
 Definition
Term
average fixed cost
 Definition
Term
marginal cost
 Definition
Term
profit
 Definition
Term
accounting profit
 Definition
Term
economic profit
 Definition
Term
system of cost curves
 Definition
Term
minimum average cost
 Definition
Term
minimum average variable cost
 Definition
Term
Perfect competition
 Definition
Term
price taking behavior
 Definition
Term
free entry and exit
 Definition
Term
marginal revenue
 Definition
Term
profit maximizing condition
 Definition
Term
profit maximizing output
 Definition
Term
profit
 Definition
Term
loss
 Definition
Term
breakeven
 Definition
Term
shutdown point
 Definition
Term
permanent exit
 Definition
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