Review
Graph a marginal cost curve
Nike
Characteristics of a perfectly competitive market
Many sellers, identical products, low barriers to entry
Graph an economic profit
ATC<q*
In perfect competition, what are profits like in the long run?
Normal profit
What room are we in
LI 103
Graph an ATC curve
u shaped
Graph an individual firm's demand curve in perfect competition
Perfectly elastic
Graph an economic loss
ATC>q*
Graph why economic profits disappear in perfect competition
idk
What is my name
Harold Felix
Four Main Market Structures
Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly
In perfect competition, P=?
P=MR
Graph an example of an economic loss, and should not operate
AVC>q*
Graph why economic losses disappear in perfect competition
idk
What is my "brother's" name?
Aristoteles Felix
Graph AVC
also u shaped lol
How much should firms produce?
q*: MR=MC
Graph an example of an economic loss, but can still operate
AVC<q*
*in S.R
What is productive efficiency
When a good/service is produced at the lowest possible cost
What is the name of your textbook for this class?
Principles of Economics
Graph MC, AVC, and ATC
this is important to know
What is the three-step method?
Find q*
Find price
Find ATC
What is the short run supply curve?
If P>AVC, firms produce at q* as it changes with P
What is allocative efficiency?
q: D=MC
When is your final for Econ 40?
December 10th i think