Econ

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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


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