Microeconomics Study Set 26
Quiz 11: Output and Costs
A Firm's Total Cost in the Short Run Is the Sum
A firm's total cost in the short run is the sum of its fixed cost plus its variable cost plus its marginal cost.
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The term "fixed cost" refers to the cost a firm incurs to produce a specific fixed quantity of output.
In the short run, average fixed cost is constant as output increases.
Marginal cost refers to the increase in cost attributable to hiring one more unit of labor, capital, or some other input.
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