Match the following terms to the correct definitions.

A. Short run

B. Marginal product of labor

C. Long run

D. Marginal revenue

E. Law of diminishing returns

F. Fixed cost

G. Variable cost

H. Profit-maximizing output level

I. Total cost

J. Output

K. Diminishing marginal productivity

L. Cost minimization

___________ 12. The amount of a good or service a firm produces.

Match the following terms to the correct definitions.

A. Profit

B. Quantity supplied

C. Unit-elastic supply

D. Elastic supply

E. Supply schedule

F. Supply curve

G. Market supply curve

H. Elasticity of supply

I. Law of supply

J. Inelastic supply

K. Perfect competition

___________ 11. When the quantity supplied changes by a smaller percentage than the price.

Match the following terms to the correct definitions.

A. Short run

B. Marginal product of labor

C. Long run

D. Marginal revenue

E. Law of diminishing returns

F. Fixed cost

G. Variable cost

H. Profit-maximizing output level

I. Total cost

J. Output

K. Diminishing marginal productivity

L. Cost minimization

___________ 11. The amount by which total output increases when one more worker is hired.

There are diminishing returns to an input because

a. as you add more and more of a variable input to less and less of the fixed input, total product decreases.

b. as you add more and more of a variable input to the fixed input, total product Decreases.

c. as you add more and more of a variable input to the fixed input, the marginal product of the last unit of the variable input will decrease.

d. as you add more and more of a variable input to less and less of the fixed input, the marginal product of the last unit of the variable input will decrease.

Match the following terms to the correct definitions.

A. Short run

B. Marginal product of labor

C. Long run

D. Marginal revenue

E. Law of diminishing returns

F. Fixed cost

G. Variable cost

H. Profit-maximizing output level

I. Total cost

J. Output

K. Diminishing marginal productivity

L. Cost minimization

___________ 10. The general tendency for output to increase at a decreasing rate when additional amounts of an input are used in production, holding the amount of other inputs constant.