Profit #2
Profit #3
Misc
Competition #1
Competition #2
100

Difference between what a business spends and what they receive for their goods

What is profit

100

Non-abbreviated version of the profit maximizing rule

What is Marginal cost = Marginal revenue

100

How many inputs must be fixed in the short run?

What is at least one

100

Money that has already been spent and cant be altered

What is a sunken cost

100

What does long run supply look like

What is a horizontal line

200

Two types of profit

What are economic and accounting

200

MR is above TC, firms will enter

What is profit

200

The official title for Mr. Scholtz

What is The Goat

200

Who are price takers

What are producers

200

As more firms enter the market input prices arent affected

What is a constant cost industry

300

Factored into economic profit

What are explicit and implicit costs

300

What average revenue is equal to

What is price

300

How many inputs are fixed in the long run

What is none
300

What industry is closest to perfect competition?

What is Agriculture

300

Who are the price makers

What are consumers

400

Where is maximized profit shown on a graph

Where MC = MR

400

What is factored into accounting profit?

What is explicit costs

400

MC curve runs throguh the lowest points of AVC and ATC. 

AVC and ATC never meet but get closer on the right side of the graph. 

AFC is the distance between AVC and ATC

What are the three rules of a cost curve graph

400

Barriers to entry in a perfect competition market

What is "none"

400

In a perfectly competitive market, when is a firm allocatively efficient

What is when TR = TC

500

MR is below ATC, Firms will leave

What is loss

500

Continuing to produce until the additional revenue from each new output equals the additional cost.

What is the short run

500

Many buyers and sellers in an economy, and everyone is fully informed and the market controls the prices

What is perfect competition

500

If ATC is greater than or equal to AVC, what would a firm do in the short run.

What is the firm will continue to produce because the total revenue would pay for all fixed cost

500

In the short run, when should a profit maximizing firm shut down

What is when the total cost exceed the total revenue