Production and efficiency

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Production
the process that converts factor inputs into outputs of goods and services
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Fixed costs
costs of production that do not vary as output changes
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Variable costs
costs of production that vary with output
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Economies of scale
where an increase in the scale of production leads to reductions in average total costs for firms.
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Diseconomies of scale
where an increase in the scale of production leads to increases in average total costs for firms
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Monopoly
a market structure dominated by a single seller of a good
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Competition
a market situation in which there are a large number of buyers and sellers
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Card 2

Front

costs of production that do not vary as output changes

Back

Fixed costs

Card 3

Front

costs of production that vary with output

Back

Preview of the back of card 3

Card 4

Front

where an increase in the scale of production leads to reductions in average total costs for firms.

Back

Preview of the back of card 4

Card 5

Front

where an increase in the scale of production leads to increases in average total costs for firms

Back

Preview of the back of card 5
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