Glossary of terms
Average product
Average fixed cost
Average variable cost
Best response functions
Competitive equilibrium
Constant cost industry
Constant returns to scale
Consumers' surplus
Conditional input demand functions
Cournot's duopoly model
Decreasing cost industry
Decreasing returns to scale
Economic profit
Efficient scale of production
Fixed cost
Homothetic production function
Increasing cost industry
Increasing returns to scale
Inferior input
Isocost line
Isoquant
Long run competitive equilibrium
Long run supply function
Long run supply function
Marginal product
Marginal rate of technical substitution
Nash equilibrium
Natural monopoly
Oligopoly
Normal input
Output expansion path
Pareto efficiency
Producers' surplus
Production function
Short run average cost
Short run competitive equilibrium
Short run marginal cost
Short run supply function
Short run total cost
Strategic game
Strategy profile
Supply function
Total cost function
Total product
Variable cost