This chapter discusses many types of costs: opportunity cost, explicit costs, fixed cost, variable cost, average fixed cost, and average variable cost. fill in the type of cost that best completes each sentence.
in a pizza industry, the cost of the factory is a(n) (average fixed cost/average variable cost/explicit cost/fixed cost/opportunity cost/variable cost) only in the short run but not in the long run.
average cost/average fixed cost/explicit costs/fixed cost/opportunity cost/variable cost) is always falling as the quantity of output increases.
a cost that depends on the quantity produced is a(n) (average fixed cost/average variable cost/explicit cost/fixed cost/opportunity cost/variable cost).
the term (average fixed cost/average variable cost/explicit costs/fixed cost/opportunity cost/variable cost) refers to all the things you must give up for taking some action.
the term (average fixed cost/average variable cost/explicit costs/fixed cost/opportunity cost/variable cost)refers to costs that involve direct monetary payment by the firm.
(average fixed cost/average variable cost/explicit costs/fixed cost/opportunity cost/variable cost) is falling when marginal cost is below it and rising when marginal cost is above it.