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Unit 3: Production, Cost, and the Perfect Competition Model
AP Microeconomics — Note Packet
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Key Terms
Short Run
In the Short Run, at least one input is _____.
Long Run
In the Long Run, ALL inputs are _____.
Total Product (TP)
Total Product (TP) is simply the total _____ of output produced.
Marginal Product (MP)
Marginal Product (MP) is the _____ output produced when you add one more unit of a variable input.
Average Product (AP)
Average Product (AP) is the total output divided by the number of _____.
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