micro chapter 6

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Across
  1. 3. a resource for which the quantity cannot change during the period of time under consideration
  2. 5. normal profit is _____
  3. 7. normal profit is zero because all ______ of production have been compensated
  4. 10. the rule that states when marginal costs is below the average, the average is falling and when marginal is above the average, the average is rising
  5. 15. fixed costs plus variable costs
  6. 16. opportunity costs of using resources owned by a firm
  7. 17. all inputs are variable in the _____ run
  8. 18. total fixed cost divided by the quantity of output produced is ____ fixed cost
Down
  1. 1. Diseconomies of _____ means that the long-run average cost is rising as the firm increases output
  2. 2. beyond some point the marginal product is ________ as additional units of variable input are added
  3. 4. ______ profit is the minimum profit necessary to keep the firm in operation
  4. 6. a change in total output produced by adding one unit of a variable input, with all other inputs held constant
  5. 8. payments involving actual outlays of money to non owners of a firm
  6. 9. the ____ size of a firm based in the long-run on the expected level of production
  7. 11. if implicit costs are zero, economic profit and ______ profit will be the same
  8. 12. long-run average costs decline as output increases when a firm is experiencing _______ of scale
  9. 13. _______ profit is revenue minus both explicit and implicit costs
  10. 14. a resource whose quantity changes depending of the quantity of the product produced