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