Microeconomics unit 3

3. Does not require an outlay of money; measured by the value ($) of benefits that are forgone
9. An economic profit equal to zero; an economic profit just high enough to keep a firm engaged in its current activity
11. Occurs when long-run average total cost increases as output increases
13. An input whose quantity the firm can vary at any time
14. The time period in which all inputs can be varied
15. Shows how the cost of producing one more unit depends on the quantity that has already been produced
16. Business's total revenue minus the opportunity cost of its resources; usually less than the accounting profit
17. Cost that involves laying out money (a direct payment for necessities for running a business)

1. Variable cost per unit of output
2. Occurs when long-run average total cost declines as output increases; a proportionate saving in costs gained by an increased level of production
4. The relationship between the quantity of inputs a firm uses and the quantity of output it produces
5. The additional revenue generated by increasing output by one unit
6. The change in total revenue generated by an additional unit of output
7. The time period in which at least one input is fixed
8. Business's total revenue minus the explicit cost and depreciation
10. An input whose quantity is fixed for a period of time and cannot be varied
12. Fixed cost per unit of output