Market Structures
This structure has a large number of producers and consumers, no product differentiation, and low barriers to entry.
Firm XYZ has a total revenue of $5,000. Their total cost across all operations is $4,200. This number is XYZ's total profit.
What is $800
This cost for a firm remains constant, regardless of output level.
What is The Fixed Cost
In the perfect competition market structure, firms are generally regarded as price ____
What is Price Takers
A firm's goal is generally to maximize this.
What is Profit
This structure has a single large firm as the sole producer and high barriers to entry.
What is a Monopoly
What is $30,000
This curve on a graph intersects the ATC AND AVC curves at their MINIMUM points.
What is The Marginal Cost Curve
Monopolies, Oligopolies, and Monopolistic Competition market structures all fall under this umbrella of competition.
What is Imperfect Competition
Firm ABC is maximizing its profit by maximizing at this point, where these two values are equal.
What is Where Marginal Revenue = Marginal Cost
This type of structure consists of a solid number of firms, with some levels of product differentiation and competition.
What is Monopolistic Competition
Profit = Total Revenue minus this.
What is Total Cost
This cost is always the difference between TOTAL COST and TOTAL FIXED COST.
What is The Total Variable Cost
Firm XYZ's demand curve slopes downward and possesses a portion of market power. Firm XYZ is in an ____ competitive firm.
What is An Imperfectly Competitive Firm
Firm DEF's marginal revenue is greater than its marginal cost. DEF should do this to their production.
What is Increase Production
This structure possesses a small number of firms with high barriers to entry.
What is an Oligopoly
A firm experiences economic profit when total revenue exceeds this particular cost.
What is Total Economic Cost
Firm ABC's marginal cost is below its average total cost. ATC is going in this direction.
What is Falling / Down
In a perfect competition market structure, total revenue is equal to this.
What is The Price
Firm UVW's marginal cost is greater than its marginal revenue. UVW should do this to their production to maximize their profit.
What is Decrease Production
What are two factors that determine a firm's market power?
What are the Barriers to Entry, Number of Competitors, Product Differentiation, or Economies of Scale
Firm ABC's total revenue is equal to its total cost. This is the type of profit ABC is earning.
What is Normal Profit
Firm XYZ's total cost has risen from $500 to $750. Their output has also increased from 40 units to 50 units. This is their marginal cost.
What is $25
What is Price Discrimination
What is $300