A ... is an organisation that brings together factors of production in order to produce output.
Firm
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A ... merger is a merger between two firms at the same stage of production in the same industry
Horizontal
2 of 17
... integration is the result of a horizontal merger
Horizontal
3 of 17
A ... merger is a merger between two firms in the same industry, but at different stages of the production process
Vertical
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... integration is a process under which a firm mergers with a firm that is involved in a later part of the production chain
Backward
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... integration is a process under which a firm mergers with a firm that is involved in a later part of the production chain
Forward
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A ... merger is a merger between two firms operating in different markets
Conglomerate
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A ... corporation is a firm that conducts its operations in a number of countries
Multinational
8 of 17
The ... problem is a problem arising from conflict between the objectives of the principals and those of the agents who take decisions on their behalf
Principal Agent
9 of 17
The period over which a firm is free to vary the input of one of its factors of production (labour), but faces a fixed input of the other (capital) is known as the ...
Short Run
10 of 17
The period over which the firm is able to vary the inputs of all its factors of production is known as the ...
Long Run
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The law of ... is a law stating that if a firm increases its inputs of one factor of production while holding inputs of the other factor fixed, it will eventually derive ... marginal ... from the variable factor
Diminishing Returns
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... are costs that do not vary with the level of output
Fixed Costs
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... are short-run costs that cannot be recovered if the firm closes down
Sunk Costs
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... costs are costs that vary with the level of output
Variable Costs
15 of 17
... is total costs divided by the quantity produced
Average Cost
16 of 17
... is the cost of producing an additional unit of output
Marginal Cost
17 of 17
Other cards in this set
Card 2
Front
A ... merger is a merger between two firms at the same stage of production in the same industry
Back
Horizontal
Card 3
Front
... integration is the result of a horizontal merger
Back
Card 4
Front
A ... merger is a merger between two firms in the same industry, but at different stages of the production process
Back
Card 5
Front
... integration is a process under which a firm mergers with a firm that is involved in a later part of the production chain
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