production

diminishing marginal productivity general rule that as a firm employs more labor, eventually the amount of

additional output produced declines

diseconomies of scale the long-run average cost of producing output increases as total output increases

economic profit total revenues minus total costs (explicit plus implicit costs)

economies of scale the long-run average cost of producing output decreases as total output increases

economies of scale the long-run average cost of producing output decreases as total output increases

explicit costs out-of-pocket costs for a firm, for example, payments for wages and salaries, rent, or materials

factors of production (or inputs) resources that firms use to produce their products, for example, labor and

capital

firm an organization that combines inputs of labor, capital, land, and raw or finished component materials to

produce outputs.
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