Economics- Edexcel 3.3.4
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| Normal profit | show 🗑
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| show | if price per unit at least covers average cost so P=AC
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| show | abnormal profit
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| show | profit achieved more than normal profit when P > AC
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| show | there is an incentive for them to enter the market
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| show | profit that is less than normal so P < AC
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| Other name for sub-normal profit | show 🗑
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| show | an upward shift in MC and AC causing a fall in profits
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| Overhead costs | show 🗑
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| show | if price per unit > or equal to average variable cost
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| show | there is a contribution being made to covering the fixed costs of production
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| Shut-down price | show 🗑
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| show | at least normal profits
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| show | managers are satisficing or an economic downturn is seen as temporary or losses are cross subsidised by profits in another sector/market
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| show | higher market prices should stimulate an expansion of supply
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Or sort by any of the columns using the down arrow next to any column heading.
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Created by:
jessharris
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