price ceiling
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a legal max on the price at which a good can be sold
T/F: most firms cannot avoid their fixed costs in the short run but can do so in the
long run
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True
Laffer curve
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a graphical representation of the relationship between tax
rates and total tax revenues raised by taxation.
economics
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the study of how society allocates its scarce resources
If the output effect is larger than the price effect, the monopolist will..
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increase production
,price discrimination
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business practice of selling the same good at different prices to different
customers
shortage occurs when ..
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market price is below the equilibrium price
total revenue
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The amount of money received by firms when they sell a good or service.
TR = P x Q.
a firm should do what when their P > ATC
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enter
, Exit
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long run decision to leave the market
price floor
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a legal min on the price at which a good can be sold
why are a monopolies marginal revenue lower than their prices ?
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monopolies face a downward sloping demand curve
marginal cost
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the increase in total cost that arises from an extra unit of production
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a legal max on the price at which a good can be sold
T/F: most firms cannot avoid their fixed costs in the short run but can do so in the
long run
,Give this one a try later!
True
Laffer curve
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a graphical representation of the relationship between tax
rates and total tax revenues raised by taxation.
economics
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the study of how society allocates its scarce resources
If the output effect is larger than the price effect, the monopolist will..
Give this one a try later!
increase production
,price discrimination
Give this one a try later!
business practice of selling the same good at different prices to different
customers
shortage occurs when ..
Give this one a try later!
market price is below the equilibrium price
total revenue
Give this one a try later!
The amount of money received by firms when they sell a good or service.
TR = P x Q.
a firm should do what when their P > ATC
Give this one a try later!
enter
, Exit
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long run decision to leave the market
price floor
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a legal min on the price at which a good can be sold
why are a monopolies marginal revenue lower than their prices ?
Give this one a try later!
monopolies face a downward sloping demand curve
marginal cost
Give this one a try later!
the increase in total cost that arises from an extra unit of production
