Chapter 10 - Behind the Supply Curve Profit, Production, and Costs

A(n) ________ means that the current utilization of resources is the most efficient.

________ can modify the quantity of any input over a long enough period of time.

A company that makes a(n) ________ is considered to be successful.

The ________ asserts that profit is maximized by generating the amount at which the marginal revenue of the last unit produced equals its marginal cost.

A(n) ________ shows that resources could be better used in another way.

The term ________ refers to a good or service is the change in total utility generated by consuming one additional unit of that good or service.

Benefits forgone in the next best use of the firm's resources

Profit determined only by the firm's explicit costs.

Refers to the quantity of output a firm produces depending on the number of inputs.