Ch 7/8
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | the summation of the supply curve of the individual firms
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| Economic Profit | show 🗑
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| show | Firms will earn zero economic profit in the LR.
Consumers consider only price when choosing which firm to buy from.
Any firm that rises price above market will lose all sales.
Firms can freely enter and exit industries.`
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| show | Change in revenue resulting from a one-unit increase in output
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| Short run profit | show 🗑
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| Shutdown Condition | show 🗑
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| Long Run Competitive Equilibrium | show 🗑
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| show | Increase in cost resulting from the production of one extra unit of output.
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| show | long run average cost is rising
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| Economies of Scale | show 🗑
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| Difference between MP and MC | show 🗑
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| Learning Curve | show 🗑
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| Difference between q and TVC | show 🗑
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| show | 1)production function
2)Isoquant
3)Product Transformation Curve
4)Total Cost Curve
5) Average Cost Curve
6)Marginal Cost Curve
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| show | upward shift
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| Isoquant | show 🗑
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| show | upward shift
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| Total Cost Curve | show 🗑
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| Average cost curve | show 🗑
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| Marginal cost curve | show 🗑
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| difference between AP and AVC | show 🗑
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| Expansion Path | show 🗑
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| show | Firm's total costs divided by level of output (aka Average Total Cost)
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| Cost Minimizing Input Choices | show 🗑
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| Average Variable Cost (AVC) | show 🗑
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| Average Fixed Cost (AFC) | show 🗑
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| Short run supply curve | show 🗑
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| show | combines all factor combinations which give the same output (capital on y-axis, labor on x-axis, first half of U graph)
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