Allocative efficiency best explains ________, and productive efficiency best explains ________.

As the marginal physical product of a variable input __________, the marginal cost __________.

Households ________ final goods and services in the ________ market.

In a "seller's market" ________.

In microeconomics, the term _____________________ is synonymous with economies of scale.

Mc = atc at the minimum of _________ .

Diminishing marginal product variable input ____, with other inputs ____.

Constant returns to scale are Returns that occur in an output range where _____ does not change.

Average variable cost is ________ divided by output

Average total cost is ________ divided by output

Average fixed cost is ________ divided by output