Types of cost
Paid labor.
What are "wages"?
When it is not worth it to stay in business.
What is the "shutdown point"?
As the only electricity provider around, CPS Energy is an example of this market structure.
What is "monopoly"?
Any organization that produces goods and services for sale; essentially a synonym for “business”
Peanut butter and ...
Payment for land and capital goods.
What is "rent"?
In a perfectly competitive market, you will be making a profit if your marginal costs exceeds this.
What is "average total cost"?
Union Pacific Railroad and BNSF Railway make up a majority of their market share in the western US. They are an example of this structure.
What is "oligopoly"?
Some aspect of the market structure that prevents new firms from entering
What is a "barrier"?
Crime and ...
The cost of each additional unit.
What is "marginal cost"?
In a perfectly competitive market, you will not make any money but should stay open if your marginal cost exceeds this.
What is "average variable cost"?
Taco Bell, McDonald's, and Popeyes have very different menus, but compete with this structure.
Maximizing profit by selling the same good at different prices depending on the consumer.
What is "price discrimination"?
Dumb and ...
dumber
The typical cost of each unit at a given quantity.
What is "average total cost"?
What is "marginal revenue"?
These two structures have low barriers to market entry.
What is "perfect competition" and "monopolistic competition"?
The time frame for which no costs are fixed; everything is variable.
What is the "long run"?
Jack and ...
Jill
Typical cost of each additional unit excluding fixed costs.
What is "average variable cost"?
Your marginal costs will initially decrease and then increase due to this cost.
What is "fixed cost"?
The market for Thingamajigs is divided by 20%, 30%, 22%, and 18% between four companies, with another dozen companies making up the remaining 10%. This structure would describe the market.
What is "oligopoly"?
The property whereby the marginal product of an input declines as the quantity of the input increases.
What is "diminishing marginal product"?
Seven and ...