Micro Economics Revision Quizsearch 0.0 / 5 ? EconomicsMicro EconomicsScottish HighersSQA Created by: ClareCrawfordCreated on: 17-05-15 21:19 These are costs that do not vary with the level of output (e.g., rent, advertising campaigns and utility standing charges). Fixed Costs 1 of 8 Fixed + Variable Costs Total Costs 2 of 8 The total amount received from the sales of a product. Total Revenue 3 of 8 The positive difference between total revenue and total cost. Profit 4 of 8 The point of balance between making either a profit or a loss. Break Even 5 of 8 A company doubles inputs and more than doubles output. Increasing returns to scale 6 of 8 A company doubles inputs and doubles outputs. Constant returns to scale 7 of 8 A rise in the longrun average costs as production rises. Diseconomies of scale 8 of 8
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