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15 Cards in this Set
- Front
- Back
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TC=?
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TFC+TVC
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AVC=?
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TFC/Q
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ATC=?
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TC/Q
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When ATC is decreasing is MC less than or greater than TC?
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less than
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Perf Comp:
sellers? size? elasticity? entry and exit? economic profit |
many sellers, small, perfectly elastic, free entry and exit, zero economic profit
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Monopoly:
firms? restricted? substitutes? D curve? price maker? Chooses Q where...? |
one large firm, yes, no, downward sloping, yes, MR=MC
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Price Discrimination?
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different prices to different customers for same good or service
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does it increase firms profits?
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yes
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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
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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
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When ATC is increasing MC=?
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greater than TC
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When ATC is at its minimum MC=?
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ATC
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When AVC is at its minimum MC=?
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AVC
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when are profits maximized?
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when MR=MC
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profit=?
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TR-TC
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