Which Best Describes Economic Costs - T-Tees - Your Answers Await, Life's Questions Unraveled

Key Terms

fixed cost: Business expenses that are not dependent on the level of goods or services produced by the business.
variable cost: A cost that changes with the change in volume of activity of an organization.
marginal cost: The increase in cost that accompanies a unit increase in output; the partial derivative of the cost function with respect to output. Additional cost associated with producing one more unit of output.
average cost: In economics, average cost or unit cost is equal to total cost divided by the number of goods produced.
return to scale: A term referring to changes in output resulting from a proportional change in all inputs (where all inputs increase by a constant factor).
economic cost: The accounting cost plus opportunity cost.
cost: A negative consequence or loss that occurs or is required to occur.
Opportunity cost: The cost of any activity measured in terms of the value of the next best alternative forgone (that is not chosen).

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