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MicroEcon Ch7 - Production

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factors of production that a firm can easily increase or decrease in a short period of time.

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Terms in this set (31)

factors of production that a firm can easily increase or decrease in a short period of time.

variable inputs.

cost of production that increases with the quantity produced; the cost of the variable inputs.

synonym for a firm's output.

the sum of fixed and variable costs of production.

the average total cost curve in the short term; shows the total of the average fixed costs and the average variable costs.

short-run average cost (SRAC) curve.