AP Microeconomics Flashcards: The Production Function
Written by AP Content Team, Verified for 2026 AP Exams, Last updated: May 2026
Review key ideas with interactive flashcards. This set includes 10 cards to help you master important concepts.
In which time frame does the principle of diminishing marginal returns apply? Why?
Diminishing marginal returns is a short-run concept because it occurs when at least one input is held constant while another is increased.
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In which time frame does the principle of diminishing marginal returns apply? Why?
Diminishing marginal returns is a short-run concept because it occurs when at least one input is held constant while another is increased.
Given a table of inputs and total output, what key calculations related to production can be made?
Using data from a table, one can calculate the various measures of productivity, such as marginal and average product.
What is the production function?
The production function explains the relationship between inputs and outputs in both the short run and the long run.
What is the relationship between production and cost in the short and long run?
Production and cost are related, as changes in productivity measures (like marginal product) directly impact the short-run and long-run costs of creating output.
What causes the total product to change?
Total product changes because marginal product and average product change as the usage of inputs changes.
A farm adds more and more workers to a single field (a fixed input). What economic principle will eventually be observed?
The farm will eventually observe diminishing marginal returns as it employs more of one input (workers) while holding another input (the field) constant.
What are the two key measures of productivity that change with input usage?
Marginal product and average product are the two key measures of productivity that change as input usage changes.
Define diminishing marginal returns.
Diminishing marginal returns occur as a firm employs more of one input, holding other inputs constant, to produce a product in the short run.
What is the primary scope of the production function?
The production function's scope covers the relationship between inputs and outputs for a firm in both the short-run and long-run time periods.
How are marginal product and total product related?
Changes in marginal product, which occur as input usage changes, directly cause changes in the firm's total product.