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AP Econ Cost Curves - Section 10 Flashcards | StudBud
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AP Econ Cost Curves - Section 10
AP Econ Cost Curves - Section 10
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StudBud Administration
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331 plays
Section 10 Microeconomics #apeconomics #microeconomics #costcurves #AVC #AFC #TC #MC
Flashcards
10 cards
F
Practice quiz
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Host live
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Questions
10
Answers
1
Which factor of production can be changed in the short run?
Labor
Entrepreneurship
Land
Capital
2
What does the red line represent?
MC
ATC
AFC
ATC
3
What does the green line represent?
Fixed costs
Variable costs
Total costs
Marginal cost
4
What does MPL stand for?
Marginal price of labor
Marginal product of labor
Milwaukee public library
Marginal production of labor
5
What does the orange line represent?
AFC
MC
AVC
ATC
6
What does the pink line represent?
Total costs
Marginal cost
Variable costs
Fixed costs
7
What does the purple line represent?
Fixed costs
Marginal cost
Total costs
Variable costs
8
What is included in economic costs?
Explicit costs
Both implicit and explicit
Implicit costs
Opportunity costs
9
What does the green line represent?
AVC
AFC
MC
ATC
10
What is the profit maximization rule?
TC=VC
MC=MPL
MC=TC
MC=MR
