ECON3

1. All products are the same irrespective of who makes them (10)
5. When total income / revenue for a firm is greater than total costs (7)
6. Turning invention into commercial use; introducing a new product or process (10)
7. This corresponds to the lowest point on the long-run average total cost curve A.K.A.....The output of long-run productive efficiency (3)
8. Period of time during which all factors become variable and the scale of output can change (4, 3)
10. Where a firm chooses its level of output where marginal revenue = marginal costs (6, 3)

2. The cost of an extra unit of output (8, 4)
3. Period during which fixed costs and the scale of production remain fixed (5, 3)
4. Costs of production that vary with output (8, 5)
9. Irretrievable costs that occur when a firm exits an industry (4, 5)

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