CH7_vocab_micro

2. An economic institution that transforms inputs to goods and services fro consumers
4. Opportunity costs of using resources
6. Type of business where owners are protected by limited liability
7. Total output divided by the amount of labor input is called ______ product
9. Profits are greater than zero after implicit costs are considered
11. Total Revenue minus total cost
12. It is a period sufficient for a firm to adjust all factors of production

1. The change in the output resulting form a one- unit increase in labor is called ______ product
3. A normal profit equals an economic profit of
5. Type of business with more than one owner, subject to unlimited liability
8. Price per unit times quantity
9. Expenses paid directly to some entity
10. It is a rate of return just sufficient to keep investors satisfied