... of ... occur for a firm when an increase in a firms scale of production leads to production at lower long-run average cost
Economies Scale
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A ... is a ... that arises in an industry in which there are such substantial economies of scale that only one firm is viable
Natural Monopoly
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... of ... occur for a firm when an increase in the scale of production leads to higher long-run average costs
Diseconomies Scale
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... economies of scale are economies of scale that rise from the expansion of a firm
Internal
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... economies of scale are economies of scale that arise from the expansion of the industry in which a firm is operating
External
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... to scale is found when long-run average costs remains constant with an increase in output
Constant Returns
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Economies of ... are economies arising when average cost falls as a firm increases output across a range of different products
Scope
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... efficiency occurs when firms have chosen appropriate combinations of factors of production and produce the maximum output possible from those inputs, thus producing at minimum long-run average cost
Productive
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... efficient scale is the level of output at which long-run average cost stops falling as output increases
Minimum
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... is profit that covers the opportunity cost of capital and is just sufficient to keep the firm in the market
Normal Profit
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... profit ( AKA abnormal or economic profit) is the terms referring to profits that exceed normal profits
Supernormal
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... is the additional revenue gained by a firm from selling an additional unit of output
Marginal Revenue
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... is a situation arising when a firm is not operating at minimum cost, perhaps because of organisational slack
X inefficiency
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... is the behaviour under which the managers of firms aim to produce satisfactory results for the firm
Satisficing
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Corporate social ... is the actions that a firm takes in order to demonstrate its commitment to behaving in the public interest
Responsibility
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Other cards in this set
Card 2
Front
A ... is a ... that arises in an industry in which there are such substantial economies of scale that only one firm is viable
Back
Natural Monopoly
Card 3
Front
... of ... occur for a firm when an increase in the scale of production leads to higher long-run average costs
Back
Card 4
Front
... economies of scale are economies of scale that rise from the expansion of a firm
Back
Card 5
Front
... economies of scale are economies of scale that arise from the expansion of the industry in which a firm is operating
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