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WorksheetsDemand, Supply, and Prices Quiz 3
Total questions: 14
Worksheet time: 11mins
The change in output that results from hiring one additional unit of labor.
marginal product of labor
increasing marginal returns
diminishing marginal returns
fixed cost
The level of production in which the marginal product of labor increases as the number of workers increases.
marginal product of labor
increasing marginal returns
diminishing marginal returns
fixed cost
The level of production in which the marginal product of labor decreases as the number of workers increases.
marginal product of labor
increasing marginal returns
diminishing marginal returns
fixed cost
A cost that does not change no matter how much of a good or service in produced.
marginal product of labor
increasing marginal returns
diminishing marginal returns
fixed cost
A cost that rises or falls depending on the quantity produced.
variable costs
total cost
marginal cost
marginal revenue
The sum of fixed costs and variable costs.
variable costs
total cost
marginal cost
marginal revenue
The extra cost of adding one unit.
variable costs
total cost
marginal cost
marginal revenue
The additional income from selling one more unit of a good or service, sometimes equal to price.
variable costs
total cost
marginal cost
marginal revenue
The most desirable alternative given up the result of a decision.
marginal revenue
operating cost
average cost
negative marginal return
Total cost divided by quantity produced.
marginal revenue
operating cost
average cost
negative marginal return
When the addition of a unit of labor actually reduces total output.
marginal revenue
operating cost
average cost
negative marginal return
A government payment that supports a business or market.
negative marginal return
subsidy
excise tax
regulation
A tax on the production or sale of a good.
negative marginal revenue
subsidy
excise tax
regulation
Government intervention in a market that affects the production of a good.
negative marginal revenue
subsidy
excise tax
regulation
