Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
TC=?
|
TFC+TVC
|
|
AVC=?
|
TFC/Q
|
|
ATC=?
|
TC/Q
|
|
When ATC is decreasing is MC less than or greater than TC?
|
less than
|
|
Perf Comp:
sellers? size? elasticity? entry and exit? economic profit |
many sellers, small, perfectly elastic, free entry and exit, zero economic profit
|
|
Monopoly:
firms? restricted? substitutes? D curve? price maker? Chooses Q where...? |
one large firm, yes, no, downward sloping, yes, MR=MC
|
|
Price Discrimination?
|
different prices to different customers for same good or service
|
|
does it increase firms profits?
|
yes
|
|
Monopolistic Competition:
sellers? entry and exit? market power? D curve? econ. profit? |
many small sellers, free entry and exit, some market power due to diffrentiation, downward sloping, towards zero
|
|
Oligopoly:
sellers? effect of mkt. price? what do they try and form? why do they break down? what's the game? |
small sellers, some, cartels, cheating, prisoners' dilemma
|
|
When ATC is increasing MC=?
|
greater than TC
|
|
When ATC is at its minimum MC=?
|
ATC
|
|
When AVC is at its minimum MC=?
|
AVC
|
|
when are profits maximized?
|
when MR=MC
|
|
profit=?
|
TR-TC
|