Ch 7 - Production, Costs, and Industry Structure
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____________________________ occur when the marginal gain in output diminishes as each additional unit of input is added.
Diminishing marginal returns
In economics, a firm that faces no competitors is referred to as _________________.
a monopoly
In microeconomics, the term ___________________ is synonymous with decreasing returns of scale.
diseconomies of scale
In microeconomics, the term _____________________ is synonymous with economies of scale.
increasing returns to scale
The term _____________ is used to describe the additional cost of producing one more unit.
marginal cost
