Term
What will the Homework Set have to do with?
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Definition
Perfect Competition
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Term
In what case will any firm, in any market structure, be profit maximizing?
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Definition
Marginal Revenue Equals Marginal Costs
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Term
What are stopping rules?
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Definition
Economic rules that tell a firm when they should stop doing a certain task
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Term
If Marginal Revenue is greater than Marginal Cost?
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Definition
It's worth it to produce more
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Term
If Marginal Revenue is less than Marginal Cost?
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Definition
It's worth it to produce less
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Term
What are the four possibilities of a perfectly competitive firm in a short run?
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Definition
Positive Economic Profit
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Break Even
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Loss Minimization
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Shut Down
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Term
What is Loss Minimization?
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Definition
Taking a loss, but not shutting down, in the short run.
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Term
The Marginal cost curve, intersects with the average total cost curve and average variable cost curve, where?
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Definition
Their Minimum's
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Term
In perfect competition Equilibrium price equals what?
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Definition
Marginal Revenue
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Term
What is Total Revenue?
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Definition
Price*Quantity
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Term
What does Total Costs Equals?
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Definition
Average Total Costs*Quantity
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Term
Average Total Costs Equals?
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Definition
Total Cost/Quantity
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Term
When breaking even what does Total Revenue Equal?
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Definition
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