Crossword Puzzle

sample test for Econ 205


  1. a per-unit measure of variable costs; variable costs divided by output (averagevariablecost)
  2. period too brief for some production inputs to be varied (shortrun)
  3. costs that vary with the level of output (variablecosts)
  4. the change in total costs resulting from a one-unit change in output (marginalcost)


  1. the opportunity costs of production that require a monetary payment (explicitcosts)
  2. the opportunity costs of production that do not require a monetary payment (implicitcosts)
  3. the difference between total revenue and total cost (profits)
  4. total revenues minus total explicit costs (accountingprofits)
  5. total revenues minus explicit and implicit costs (economicprofits)
  6. costs that have been incurred and cannot be recovered (sunkcosts)
  7. period over which all production inputs are variable (longrun)
  8. the sum of the firm’s total fixed costs and total variable costs (totalcost)

["productionfunction", "averagetotalcost", "averagefixedcost"]

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