Chapter 6: Micro Flashcards
1
Q
Competitive market
A
138
2
Q
Diminishing returns to labour
A
141
3
Q
Firm
A
136
4
Q
Fixed costs
A
142
5
Q
Marginal cost
A
143
6
Q
Marginal product of labor
A
141
7
Q
Marginal revenue
A
148
8
Q
Price taker
A
137
9
Q
Producer surplus
A
155
10
Q
Production function
A
140
11
Q
Profit maximisation
A
145
12
Q
Profits
A
139
13
Q
Total costs
A
140
14
Q
Total revenue
A
139
15
Q
Variable costs
A
142
