Econ
The term_ describes a situation where the quantity of output rises, but the average cost of a production falls
Economics 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
Government____ regulations specify that inventors will maintain exclusive Legal rights to their respective inventions for_______
Patent,a limited time
The form of legal protection intended to prevent reproduction of original works is referred to as ______________ law.
copyright
____________________________ occur when the marginal gain in output diminishes as each additional unit of input is added.
diminishing marginal returns
______________________ refers to the additional revenue gained from selling one more unit.
marginal revenue
Roughly speaking, patent law covers __________ and __________ law protects an author's original books.
original inventive creations; copyright
Firms operating in a market situation that creates ___________________, sell their product in a market with other firms who produce identical or extremely similar products.
perfect competition
_____________ is calculated by taking the quantity of everything that is sold and multiplying it by the sale price.
total revenue
_______ occurs when circumstances have allowed several large firms to have all or most of the sales in an industry
An oligopoly
In order to determine___, the firms total cost must be devided by the quality of its output
Average cost
Which of the following is most likely to present a barrier to entry into a market
Deregulation
I'm order to determine the average cost, the firms variable costs are divided by___
The quantity of output
____ include all of the cost of production that increase with the quantity produced
Variable cost
Why are some producers forced to sell their products at the prevailing market price?
high degree of similarity to competitor's products
If a firm's revenues do not cover its average variable costs, then that firm has reached its _________________ .
shutdown point
