Term
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Definition
TR-TC
(p * q)-(ATC * q)
q- (p - ATC) |
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Term
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Definition
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Term
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Definition
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Term
| Diminishing Marginal Product |
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Definition
| More and more workers will eventually lead to decreasing the amount of profit you make because it costs more to pay the workers than the profit you are making from the good. |
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Term
| Monopolistic Competition Characteristics |
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Definition
-many buyers and many sellers
-differentiated product
-no barriers to entry |
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Term
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Definition
-many buyers and many sellers
-no barriers to entry
-price takers |
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Term
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Definition
-many buyers and a single seller
-high barriers to entry
-unique product |
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Term
| Equilibrium of Perfect Competition |
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Definition
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Term
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Definition
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Term
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Definition
-government
-control of a key resource
-network externality
-natural |
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Term
Breakeven Point
(monopoly)
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Definition
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Term
Where do firms maximize profit?
(perfect competition) |
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Definition
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Term
| When P>ATC, firms will____ |
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Definition
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Term
| When P<ATC firms will____ |
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Definition
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Term
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Definition
be indifferent of whether to leave or not
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Term
Breakeven Point
(perfect competition)
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Definition
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