Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/8

Click to flip

8 Cards in this Set

  • Front
  • Back
marginal revenue
Change in TR
------------ or Price
Change inQ
profit
Total revenue - Total Cost
Average Cost
Total Cost
----------
Quantity
Total Variable Cost
Labor X Price
Marginal Cost
Change in TOtal Cost
--------------------
Change in Quantity
A monopolist maximizes its profits where
MC = MR
Inelastic Demand
Greater changes in price than in quantity, steeper
Elastic Demand
Greater changes in quantity than in price; flatter