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AP Microeconomics Production Costs exam with correct answers
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AP Microeconomics Production Costs exam with correct answers
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AP Microeconomics Production Costs examwith correct answers
Production nnFunction nn- nncorrect nnanswer-Shows nnthe nnrelationship nnbetween nnthe nnquantity nnof nninputs
nnused nnto nnproduce nna nngood, nnand nnthe nnquantity nnof nnoutput nnof nnthat nngood.
Total nnProduct nn- nncorrect nnanswer-The nntotal nnquantity nnof nna nngood nnproduced nnin nna nngiven nnperiod
Marginal nnProduct nn- nncorrect nnanswer-Change nnin nntotal nnproduct nnthat nnresults nnform nna nnone-unit
nnincrease nnin nnthe nnquantity nnof nnlabor nnemployed
Quantity nnLabor nn- nncorrect nnanswer-The nnMarginal nnProduce nnof nnLabor nn(MPL) nn= nnChange nnin nn___ nnover
nnChange nnin nn___
Total nnCost nn- nncorrect nnanswer-Cost nnof nnall nnthe nnfactors nnof nnproduction nnthe nnfirm nnuses
Fixed nnCost nn- nncorrect nnanswer-Cost nnof nna nnfirm's nnfixed nnfactors nnof nnproduction nnused nnby nna nnfirm
Variable nnCost nn- nncorrect nnanswer-Cost nnof nnthe nnvariable nnfactor nnof nnproduction nnused nnby nna nnfirm
Marginal nnCost nn- nncorrect nnanswer-Increase nnin nnTotal nnCost nnfrom nnproducing nnone nnmore nnunit
Total nnCost nnQuantity nn- nncorrect nnanswer-Marginal nnCost nn= nnChange nnin nn___ nnover nnChange nnin nnQuantity
Average nnFixed nnCost nn- nncorrect nnanswer-Total nnfixed nncost nnper nnunit nnof nnoutput
Average nnVariable nnCost nn- nncorrect nnanswer-Total nnvariable nncost nnper nnunit nnof nnoutput
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