constant costs
increasing returns to scale
constant returns to scale
isocost curve
decreasing returns to scale
isoquant
diseconomies of scale
long-run average cost
economies of scale
long-run marginal cost
economies of scope
marginal rate of technical substitution
expansion path
short-run expansion path
___A curve that displays all the various combinations of inputs that will produce a given amount of output.
___The rate at which one input is substituted for another along an isoquant.
___Line that shows all the possible combinations of inputs that can be purchased for a given total cost.
___A curve showing all of the cost-minimizing levels of input usage for various levels of output.
___When the usage of all inputs is increased by an equal proportionate amount, output ___increases by exactly the same proportion.
___When the usage of all inputs is increased by an equal proportionate amount, output increases by a larger proportionate amount.
___When the usage of all inputs is increased by an equal proportionate amount, output increases by a smaller proportionate amount.
___Cost per unit in the long run.
___The change in long-run total cost per unit change in output.
___When long-run average cost falls as output increases.
___When long-run average cost increases with increases in output.
___Long-run average and marginal costs are equal for all levels of output.
___The situation in which the joint cost of producing two goods is less than the sum of the separate costs of producing the two goods.
___Horizontal line showing the cost-minimizing input combinations for various output levels when capital is fixed in the short run.
constant costs
increasing returns to scale
constant returns to scale
isocost curve
decreasing returns to scale
isoquant
diseconomies of scale
long-run average cost
economies of scale
long-run marginal cost
economies of scope
marginal rate of technical substitution
expansion path
short-run expansion path
___A curve that displays all the various combinations of inputs that will produce a given amount of output.
___The rate at which one input is substituted for another along an isoquant.
___Line that shows all the possible combinations of inputs that can be purchased for a given total cost.
___A curve showing all of the cost-minimizing levels of input usage for various levels of output.
___When the usage of all inputs is increased by an equal proportionate amount, output ___increases by exactly the same proportion.
___When the usage of all inputs is increased by an equal proportionate amount, output increases by a larger proportionate amount.
___When the usage of all inputs is increased by an equal proportionate amount, output increases by a smaller proportionate amount.
___Cost per unit in the long run.
___The change in long-run total cost per unit change in output.
___When long-run average cost falls as output increases.
___When long-run average cost increases with increases in output.
___Long-run average and marginal costs are equal for all levels of output.
___The situation in which the joint cost of producing two goods is less than the sum of the separate costs of producing the two goods.
___Horizontal line showing the cost-minimizing input combinations for various output levels when capital is fixed in the short run.