Marginal
It is the profit maximizing output level
What is MR = MC?
The main difference between SR and LR?
What are FC are only in the SR?
Type of product sold in a perfectly competitive market.
What is standardized?
It is the formula for profit per unit
What is Price-ATC?
The definition of economics.
What is the study of choice under conditions of scarcity?
The formula for MC
What is the ▲ in TC / ▲ in output?
The formula for TC and TR in the SR.
What are TFC + TVC and P*Q?
Firm type with many buyers and sellers selling the same or similar product
What is monopolistic competition?
Why perfectly competitive firms leave a market.
What is expected continued economic loss?
Monopoly formed due to economies of scale.
What is a natural monopoly?
Firms should do this if MR > MC
What is increase output?
Shutdown rule in the short-run.
What is P<AVC?
The two ways a seller is a monopolist.
What are the only seller or controls a very high percentage of the market?
It is true when ATC=MC.
What is ATC is at its minimum?
Besides marrying or being born into wealth, the two most common ways people become millionaires.
What is start a business and invest?
This is true when MC is above ATC.
What is ATC is rising?
ATC increases as output rises.
What is diseconomies of scale?
Two characteristics of a perfectly competitive firm, not standardized product or many buyers and seller.
What are buyers & sellers are well informed and easy exit and entry?
The three curves that are equal when there is normal eco profit.
What is P/D/MR = ATC = MC?
Monopolies are price setters, but this limits their output.
What is the D curve limits the output?
It is the rules for the S curve for a perfectly competitive firm in the short run
What is MC above AVC + 0 below AVC?
It is why P < ATC in the long run is the shut down rule.
What is if the best you can do is have a loss, shutting down will not incur any loss?
The three ways the govt promotes innovation by giving exclusive use.
What are trademarks, patents, and copyrights?
This is why perfectly competitive firms have zero eco profit in the LR.
What is the entry and exit of firms?
This happens first in a perfectly competitive market for peanuts if there is a drought
What is ↓/leftward shift of the supply curve?