Costs Flashcards by Emily Rickman

Q

Short run

A

At least one factor is fixed

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Long run

A

All factors are variable

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Average fixed costs (AFC)

A

Total fixed costs/ quantity

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Marginal cost

A

Change in total costs/ change in quantity

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Average variable costs

A

Total variable costs/ quantity

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

A

How well did you know this?

1

Not at all

2

3

4

5

Perfectly