Chapter 7.2: Cost in the Short Run

0.0(0)
studied byStudied by 0 people
full-widthCall with Kai
GameKnowt Play
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/3

encourage image

There's no tags or description

Looks like no tags are added yet.

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

4 Terms

1
New cards

Diminishing marginal returns

the marginal product of labor declines as the quantity of labor employed increases.

2
New cards

falls

Whenever marginal cost lies below average cost, the average cost curve ___

3
New cards

rises

Whenever marginal cost lies above average cost, the average cost curve ___

4
New cards

equals

When average cost is at a minimum, marginal cost ___ average cost.