the costs of production

Costs that do not vary with the quantity of output produced

Total revenue minus total cost

The increase in total cost that arises from an extra unit of production

The property whereby long-run average total cost falls as the quantity of output increases

The property whereby long-run average total cost stays the same as the quantity of output changes

Input costs that do not require an outlay of money by the firm

The increase in output that arises from an additional unit of input

The market value of the inputs a firm uses in production

The property whereby long-run average total cost rises as the quantity of output increases

Fixed costs divided by the quantity of output