Microeconomics vocab: Production, costs, and revenue

1. the level of output at which average costs of production are minimised (10, 9)
4. all the money received by a firm from selling its total output (5, 7)
6. a productive organisation which sells its output of goods or services commercially (4)
7. making something entirely new; something that did not exist before at all (9)
10. two firms only in a market (7)

2. when a firm faces downward-sloping demand curve for its product, it possesses the market power to set the quantity of the good it wishes to sell (8, 6)
3. Automatic control where machines operate other machines (10)
5. the rate by which output changes if the scale of all the factors of production is changed (7, 2, 5)
8. Improves on or makes a significant contribution to something that has already been invented, thereby turning the results of invention into a product (10)
9. the difference between total sales revenue and total cost of production (6)

Similar Economics resources:

See all Economics resources »

See all Production, costs, and revenue resources »

Get Revising