ECON EXAM 3 Matching
| The size of the production process |
| Determined by dividing a firm's total fixed cost by the output. |
| Description of the relationship between inputs a firm uses and outputs it creates |
| The input (labor, land, and capital) used in producing goods and services. |
| The production the firm creates. |
| Condition occurring when cost decline as output expands in the long run |
| Condition occurring when cost rise as output expands in the long run |
| Calculated by subtracting both the explicit and the implicit cost of business from a firm's total revenue. |
| Constant Returns to Scale |
| Condition occurring when cost remain constant as output expands in the long run |
| The sum of average variable cost and average fixed cost. |
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