Matching

____Economies of Scale

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____Short Run

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____Shutdown Point

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____Marginal Revenue

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____Opportunity Cost

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____Monopolistic Industry

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____Price Taker

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____Sunk Cost

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____Marginal Cost

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____Diseconomies of Scale

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____Total Cost

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____Barriers to Entry

A.

The cost of changing the level of output by one unit.

B.

A period of time when a firm is unable to change all of its factor inputs.

C.

A firm facing the entire market demand curve is in what industry?

D.

Any conditions that prevent other firms from entering a market.

E.

Sum of fixed costs and variable costs.

F.

Firm or individual who takes the market price as given.

G.

The foregone benefit of the next-best alternative.

H.

A decrease in per-unit cost as a result of an increase in output.

I.

The added revenue from selling an additional unit of output.

J.

A cost that has already been paid and cannot be recovered.

K.

Point at which the firm will gain more by ceasing operations than it will by staying in business.

L.

Technological conditions under which long-run average cost increases as output increases.