Match each term to its definition. 1. v Economic Cost - v Explicit Costs - Implicit Costs - > Accounting Profit . Normal Profit H. v Economic Profit Q. v Total Product (TP) C. v Marginal Product (MP) P. " Average Product (AP) B. > Law of Diminishing Returns . Fixed Costs Variable Costs . Total Costs O. " Average Fixed Cost (AFC) 1. * Average Variable Cost (AVC) E. Average Total Cost (ATC) . Marginal Cost D. Economies of Scale . Diseconomies of Scale . Constant Returns to ScaleM.The payment made by a firm to obtain entrepreneurial ability. It is the minimum income entrepreneurial ability must receive to Induce it to perform the entrepreneurial function for the firm. N. The additional cost of producing one more unit of output. it is equal to the change in total cost divided by the change in output. In the short run, it can also be the change in total variable costs divided by the change in output. 0. Total fixed cost divided by output. P. The total output produced per unit of the resource employed. It is the total product divided by the quantity of the resource employed. Q. The total output of a particular good or service or resource produced by a firm, a group of firms, or the entire economy. R. The actual monetary payment made to obtain or retain a resource. 5. A situation where the average total costs of producing a predict exhibit no change as the rm expands its output of a product in the long run. T. Costs that are adjusted per Unit of output. it increases when the firm increases its output and decreases when the firm decreases its output. A. Total Cost divided by output. It is equal to average fixed cost (AFC) plus average variable cost (AVC). B. An economic principle that theorizes as successive units of a variable input are added to a fixed resource, then the marginal product of a variable resource will eventually decline. C. The additional output produced when one additional unit of a resource is employed. It is equal to the change in total product divided by the change in the resource employed. D. A situation where the average total costs of producing a product decrease as the firm expands its output of a product in the long run. It is sometimes referred to as the economies of mass production. E. The actual income an entity sacrifices when it uses its own resources as opposed to supplying the resource to the market. It is equal to what the resource could have earned in the next best alternative use. F. A situation where the average total costs of producing a product increase as the firm expands its output of a product in the long run. G. In the short run, it is the sum of fixed costs plus variable costs. H. The total revenue of a firm minus its explicit costs. 1. A payment that must be made to obtain or retain the services of a resource. The income of firm must provide to a resource supplier to attract the resources away from an alternative use. It is equal to the quantity of other products that cannot be produced when resources are used for one product instead of another. J. Total variable cost divided by output. K. Total revenue of a firm minus its economic cost. Economic costs consist of implicit plus explicit costs. L. Any cost that does not change when the firm changes its output. It is the cost of fixed resources and is sometimes referred to as overhead. M. The payment made by a firm to obtain entrepreneurial save all answers