11. Economies of scale 12 Diseconomies of scale 13 Increasing returns to scale 14 Decreasing returns to scale 15 Constant returns to scale 16 Average output 17 Marginal output 18 Fixed factors of production 19 Variable factors of production 20 Variable costs
Dictionary 1.5 Theory of the Firm Dictionary: 21 Fixed costs 22 Average costs 23 Marginal costs 24 Average fixed costs 25 Average variable costs 26 Average total costs 27 ‘U’ shaped average cost curve 28 Profit maximising equilibrium 29 Supernormal profit 30 Accounting profit