ch. 7
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Accounting costs and economic costs differ because
Economic costs include implicit costs and accounting costs do not.
A U-shaped average total cost curve implies
First marginal cost below average total cost, and then marginal cost above average total cost.
The creation of the World Wide Web has contributed to all of the following except
Increased marginal costs.
Which of the following is a long-run concept?
diseconomies of scale
Marginal cost is equal to the change in total cost ($80 - $62) divided by the change in quantity (30 - 20), which is $1.80.
f
In the short run, when a firm produces zero output, variable cost equals
zero