The costs of a firm Flashcards
(13 cards)
1
Q
What is a firm?
A
2
Q
What is an industry?
A
3
Q
What is a market?
A
4
Q
How do firms generate revenue?
A
5
Q
What is profit?
A
6
Q
What is the short run?
A
7
Q
What is the long run?
A
8
Q
What are fixed costs?
A
9
Q
What are variable costs?
A
10
Q
What are total costs?
A
11
Q
What are average costs?
A
12
Q
What is the marginal costs?
A
13
Q
What affects marginal costs?
A
