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AP Micro u2

QuestionAnswer
explicity costs laying out the $
implicit costs doesn't require outlay of $
fixed costs doesn't change because they're constant
variable costs changes with production
accounting profit revenue-explicit
economic profit revenue-explicit and implicit
marginal benefit formula change in benefit/ change in quantity
where do you look to see how much you should produce MR=MC
firms will continue to produce if their marginal benefit of producing an additional unit is ________ than the MC of producing an additional unit greater
inputs are fixed or variable in the short run? both
inputs are fixed or variable in the long run? variable
marginal product the increase in output obtained by hiring an additional worker
what is diminishing returns? when you add more workers, you are still producing more but at a diminishing rate. so the more workers you have, the less you produce
in the short run, SOME inputs are _______ fixed
what does the marginal cost curve show? how much the next unit will cost
marginal cost change in cost/ change in output
what kind of curve does marginal cost curve have? nike swoosh
what kind of curve does average total cost curve have? "u"
what kind of curve does average variable cost curve have? "u" but goes below atc
what kind of curve does average fixed cost curve have? diminishing or a backwards L
how is economies of scale shown on the LRAC? it makes an L
how is constant returns to scale shown on a LRAC? straight line
how is diseconomies of scale shown on a LRAC? backwards L
how is increasing returns to scale and decreasing returns to scale displayed on the LRAC? they're inverse
what are the characteristics of a perfectly competitive market? easy entry, lots of companies, standardized
what are the characteristics of a monopoly? 1 firm, no subs, huge barriers
what is the market structure of an oligopoly? few firms, strong barriers
Created by: auweb921
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