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7 Cards in this Set

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q=
TVC/AVC
TVC=
wL
AVC=
TVC/q
SMC (MC) =
w/Δq
Marginal Revenue
the additional revenue that a firm takes in when it increases output by one unit
price taking behavior
firms make decisions about how much to produce and how to produce it while assuming that none of their actions will effect the market price
SR: F LR:T
a profit-maximizing firm should pick the output at which ATC is minimized