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32 Matching questions

  1. Principal-agent Problem
  2. Partnership
  3. Marginal Product
  4. Shirking
  5. Law of diminishing marginal utility
  6. Normal Good
  7. Sunk Costs
  8. Implicit Costs
  9. Total Costs
  10. Income effect
  11. Opportunity cost of equity capital
  12. Economies of Scale
  13. Law of Diminishing Returns
  14. Substitution Effect
  15. Price Elasticity of Supply
  16. Corporation
  17. Residual claimants
  18. Proprietorship
  19. Constant returns to sale
  20. Average fixed costs
  21. Marginal Benefit
  22. Normal Profit
  23. Explicit Costs
  24. Marginal costs
  25. Marginal Utility
  26. Long run in production
  27. Price Elasticity of Demand
  28. Inferior Good
  29. What effects elasticity of demand?
  30. Short Run in production
  31. Income elasticity
  32. Total fixed costs
  1. a When two people own a business.
  2. b How responsive consumers are to a change in price.
  3. c The additional satisfaction derived from consuming an additional unit of good.
  4. d The sum of the costs that do not vary with output.
  5. e As the consumption of a product increases, the marginal utility derived from consuming more of it will eventually decline.
  6. f Units of costs that are constant as the scale of the firm is altered.
  7. g Opportunity costs associated with a firm's use of resources that it owns. (Does not count $)
  8. h Costs that have already been incurred as a result of past decisions.
  9. i A good where less of it is bought as income falls.
  10. j A business owned by a single person.
  11. k The quality of substitutes available. If people have good substitutes, they'll just switch.
  12. l Big plants can make things easily.
  13. m A marginal increase in the total product resulting from an increase in the employment of a variable input.
  14. n A time period long enough to allow the firm to vary all of its factors of production.
  15. o The rate of return investors must get in order to supply financial capital to the firm.
  16. p Declines as output increases.
  17. q Working less than expected to make work easier.
  18. r The change in total cost required to produce and additional unit of output.
  19. s A time period so short that a firm is unable to vary some of its factors of production.
  20. t Breaking even.
  21. u The extra amount of a good consumed because it is cheaper in relation to the alternatives.
  22. v Payments by a firm to purchase the services of a productive resource
  23. w A good where more of it is bought as the income raises.
  24. x A firm owned by shareholders who gain and are liable based on their investment in the firm.
  25. y The costs, both explicit and implicit of all the resources used by the firm.
  26. z The extra amount of a good consumed because of the consumer's expanded real income.
  27. aa Things are less valuable the more they are done or consumed.
  28. ab People who benefit form the excess of revenues over costs
  29. ac How responsive consumers are with a change in income.
  30. ad The maximum price a consumer will be willing to pay for one more. This falls as consumption increases.
  31. ae Same as price elasticity of demand.
  32. af When a buyer doesn't know the full extent of the trouble of a seller goes through to provide a service.