Short-Run Production Cost

Total Costs / Quantity = _____

• Marginal Cost
• Average Total Cost
• Implicit Cost
• Explicit Cost

Variable Cost/Quantity = _______

• Marginal Variable Cost
• Average Fixed Cost
• Average Variable Cost
• Marginal Total Cost

 Total Revenue - Total Cost = _____

• Profit
• Revenue
• Marginal Revenue
• Variable Revenue

Costs that do not change when the quanity of output produced changes?

• Fixed Costs
• Variable Costs
• Explicit Costs
• Implicit Costs

The market value of all the inputs a firm uses in production.

• Implicit Costs
• Explicit Costs
• Total Costs
• Marginal Costs

Time period in which one of the costs is fixed?

• Long Run
• Short Run

Time period in which one of the costs is fixed?

• Long Run
• Short Run

The amount a firm receives after all costs have been paid.

• Revenue
• Marginal Profit
• Profit
• Marginal Revenue

Additional cost associated by producing one additional unit of product.

• Fixed Costs
• Average Costs
• Marginal Costs
• Emplicit Costs

Input costs that may not have a direct outlay of money.  Value of the opportunity cost.

• Fixed Cost
• Variable Cost
• Implicit Cost
• Explicit Cost