If a perfectly competitive firm is operating at a profit maximising quantity where AR is
less than AC but above AVC, they will
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shut down in the long run
Coase Theorem
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the proposition that if private parties can bargain without cost over the
allocation of resources, the markets will solve the problem of externalities.
beneficial impact
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positive externality
Pure public good
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non-rival and non-excludable
non-price competition
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trying to increase market share but not a lower price
demand for labour
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, how much a firm will pay for labour depends on how valuable that labour is
Nash Equilibrium
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a situation in which neither player has incentive to change based on the
other players actions, so the outcome is stable
Non-rival
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One person using the good doesn't stop others from using it
bulk discounts can be an example of
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second degree price discrimination
accounting profit is equal to
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less than AC but above AVC, they will
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shut down in the long run
Coase Theorem
,Give this one a try later!
the proposition that if private parties can bargain without cost over the
allocation of resources, the markets will solve the problem of externalities.
beneficial impact
Give this one a try later!
positive externality
Pure public good
Give this one a try later!
non-rival and non-excludable
non-price competition
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trying to increase market share but not a lower price
demand for labour
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, how much a firm will pay for labour depends on how valuable that labour is
Nash Equilibrium
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a situation in which neither player has incentive to change based on the
other players actions, so the outcome is stable
Non-rival
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One person using the good doesn't stop others from using it
bulk discounts can be an example of
Give this one a try later!
second degree price discrimination
accounting profit is equal to
Give this one a try later!
