Statistics for Theory of the Firm (Economics) Terms 1

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Hint	Answer	% Correct
Total Revenue - Total Costs =	Profit	96%
Fixed Cost + Variable Cost =	Total Cost	79%
Price x Quantity Sold =	Total Revenue	79%
The factor of production that refers to all natural resources	Land	67%
Total Cost / Output =	Average Cost	63%
The factor of production that refers to the produced means of production	Capital	63%
Change in total revenue as one more unit of output is produced	Marginal Revenue	54%
Reductions in total cost per unit as output increases	Economies of Scale	50%
As each additional unit of a variable input is added, total output increases by less than the previous unit	Diminishing Returns	42%
As each additional unit of a variable input is added, total output increases by my more than the previous unit	Increasing Returns	33%
Output / Inputs =	Productivity	33%
As each additional unit of a variable input is added, total output decreases	Negative Returns	21%