Market Structure
The number of curves equal to each other in a graph for a market structure where apples would be located.
What is 5?
Companies in a market form wherein a market or industry is dominated by a small number of large sellers are ______of each other
What is interdependent?
Where AP micro economics curves are graphed
what is a xy plane?
In the time period in which all inputs can be varied, a commercial business exit the market for many reasons. One of these reasons include higher costs than_______
what is total revenue?
If the amount of money expected, required, or given in payment for something is below the total cost divided by quantity of output produced, a firm will be incurring an (economic concept) and _______ in the period of time in which all factors of production and costs are variable.
what is leave the market?
Concept in which one would not be able to tell the difference between Nike and Jordan sneakers if their logos where switched even tho they are made out of the same material.
What is product differentiation?
Structure that includes the branch of mathematics concerned with the analysis of strategies for dealing with competitive situations where the outcome of a participant's choice of action depends critically on the actions of other participants
what is Oligopoly?
Where producer produces at a certain point (That you should know), they should stop producing when________
what is marginal cost exceeds marginal revenue?
Direction in which the total amount of a specific good available to consumers on a graph
what is upward sloping?
Equals the change in the sum of the fixed cost and the variable cost of producing a quantity of output, divided by the cost added by producing one additional unit of a product or service.
what is quantity?
A similarity of two market structures where fruits and fast food restaurants would be located.
what are many firms?
The area at which the demand curve intersects the y intercept, supply and demand intersect, and the supply curve intersects the x intercept
What is total surplus?
Without this certain economic concept, there wouldn't be a economic graph to plot demand, etc. After figuring out this concept, in this you'll find two columns labeled under _______and ________
what is price, what is quantity demanded?
The direction of a consumers desire and willingness to pay on a graph
what is downward sloping?
To find the average of the sum of the fixed cost and the variable cost of producing a quantity of output, divide the sum of the fixed cost and variable cost by________
What is quantity of output?
Barriers to entry of a market structure where sneakers would be located
what is low?
The area from the price at which no one is better or worst off, intersects the demand curve, and where the supply curve intersects the x intercept
What is the producer surplus?
A maximum price sellers are allowed to charge for a good is charged under the point where no individual would be better off doing something different. This concept intersects the ______and ______on a graph
what is supply, what is demand?
short run differs from long run in terms of cost by this
what is variable cost?
Economists prefer a type of profit. After figuring out which type, the difference between this and the other is a (economic concept). When this concept is added to implicit costs, it equals _________
what is total revenue?
This concept is the opposite of a market economy where there is only one seller. After figuring out this concept, the curve of a cost of producing an extra unit of output would be ______sloping in this graph
what is upward sloping?
The area from the price at which no one is better or worst off, intersects the demand curve, and where the demand curve intersects the y intercept
What is consumer surplus?
Shape of the concept that is caused when there are lost gains involved with transactions that don't happen because of market intervention.
what is a triangle?
Cost that does not depend on the quantity of output produced in the time period in which at least one input is fixed but are 0 in_______
what is the long run?
whole value of sales of a good is equal to the price multiplied by the amount sold. When this is subtracted by all costs this is known as _______
what is profit?