Reading...
Play button
Play button
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;
6 Cards in this Set
- Front
- Back
|
Price Taker
|
A seller that does not have the ability
to control the price of the product it sells; it takes the price determined in the market. |
|
|
Total Revenue Equation
|
Price (P) X Quantity (Q)
|
|
|
Marginal Revenue Equation
|
Change in Total Revenue (TR)/ change in output (Q)
|
|
|
Shut down point
|
Where MC and AVC meet
|
|
|
Break Even point
|
Where MC and ATC meet
|
|
|
Profit equation
|
The difference between Total Cost (TC) and Total Revenue (TR)
|
