Chapter 12 PT 1
Characteristics of Perfect Competition
What is many sellers, identical products and low barriers?
q*
What is MR = MC?
The conditions necessary for Price Discrimination
What is Market power, Market Segmentation and difficulty in reselling?
Characteristics for Monopolistic Competition
What is many sellers, similar but differentiated products and low barriers?
Final Exam Date
What is May 20th?
The 3 Step Method
What is find q*, find price and find ATC
What Fixed Costs are known as
What is Sunk Costs?
Charging different customers different prices for the same good/service
What is Price Discrimination?
The difference between 2 units
What is Excess Capacity?
Scantron for Exam
What is 888E?
MB > MC
What is The Rule of Rational Choice?
When a good/service is produced at the lowest possible cost
What is Productive Efficiency?
Characteristics for Monopoly
What is one seller, unique products and high barriers?
Monopolistic Competition and their efficiency
What is not efficient?
Final Exam Time
What is 11
Allocative Efficiency
What is when a firm produces for their last unit produced?
When you are able to cover your Variable Costs
What is Operating at a Loss?
The year for the Sherman Anti-Trust Act
What is 1890?
The goals for Advertising in Monopolistic Competition
What is to attract new customers and increase customer loyalty?
Favorite ETC Leader
Who is Jaleesaaa?
The lowest point where it crosses MC
What is ATC?
The goal for Perfect Competition
What is to maximize profit?
The firm must produce where Demand = MC
What is Marginal Cost Pricing?
P > ATC
What is Economic Profit?
Best Professor on Campus
Who is Professor Pankratz?