AP Microeconomics- Unit 3

Front

Which of the following isn't a fixed cost? Rent, Telephone/Internet Service, Hourly workers, Insurance

Back

Hourly workers

Front

A cost that doesn't change with the firm's output is a

Back

Fixed Cost

Front

Fixed Cost + Variable Cost =

Back

Total Cost

Front

A cost that changes with the firm's production is a _____

Back

Variable Cost

Front

An example of a variable cost might be . . .

Back

all of these are variable costs

Front

The cost of producing one additional unit of a good . . .

Back

Marginal Cost

Front

Total Revenue = ? Options: Quantity Sold x Price, Price X Total Cost, Total Cost / Quantity Sold, Variable Cost / Quantity Sold

Back

Quantity Sold x Price

Front

Accounting Profit =

Back

Total Revenue - Total Cost

Front

The difference between Accounting Profit and Economic Profit =

Back

Opportunity Cost

Front

Which of the following describes an eventual decline in the productivity of factor inputs as additional units of variable factors are added to fixed resources?
Options:
Law of diminishing marginal utility,
Law of diminishing marginal returns,
Laffer curve,
Law of diminishing total product

Back

Law of diminishing marginal returns