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7 Cards in this Set
- Front
- Back
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"Short-run equilibrium" is characterized by..
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Marginal Cost = Marginal Revenue
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If P(less than)ATC which occurs under perfect competition?
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Supply shifts left, prices up
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The main reason Microsoft was sued by the government was..
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It used its monopoly in an unreasonable way in order to restrict competition in the internet browser market.
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Economies of Scale relate to..
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Natural monopoly.
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Which market structure has the most advertising and product differentiation?
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An oligopoly
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A merger between GM and Ford would be a horizontal or vertical merger?
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Horizontal merger (two firms merging as opposed to a firm and a supplier)
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Which includes opportunity costs? (Accounting profit or ecconomic profit?)
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"Economic Profit" includes opportunity costs.
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