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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