micro chapter 6

4. long-run average costs decline as output increases when a firm is experiencing _______ of scale
7. 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
11. a resource for which the quantity cannot change during the period of time under consideration
13. if implicit costs are zero, economic profit and ______ profit will be the same
16. fixed costs plus variable costs
17. normal profit is zero because all ______ of production have been compensated

1. the ____ size of a firm based in the long-run on the expected level of production
2. beyond some point the marginal product is ________ as additional units of variable input are added
3. ______ profit is the minimum profit necessary to keep the firm in operation
5. Diseconomies of _____ means that the long-run average cost is rising as the firm increases output
6. normal profit is _____
7. a change in total output produced by adding one unit of a variable input, with all other inputs held constant
8. payments involving actual outlays of money to non owners of a firm
9. total fixed cost divided by the quantity of output produced is ____ fixed cost
10. a resource whose quantity changes depending of the quantity of the product produced
12. _______ profit is revenue minus both explicit and implicit costs
14. opportunity costs of using resources owned by a firm
15. all inputs are variable in the _____ run