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average fixed cost
answer
vertical distance between average total cost ATC and average variable cost AVC
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*economies of scale
answer
if long run average is decreasing as more output is produced the firm is experiencing...
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price increase as firms exit
answer
if market price for perfect competitive firm is $12, ATC is $14, and AVC is $10, what will happen in the long run
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*total product is decreasing
answer
marginal product will become negative when
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all factors of production are variable
answer
in the long run
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P= minimum ATC
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Productive efficiency
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P = MC
answer
allocative efficiency
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MR = MC
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profit maximization
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MR = D = AR = P
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perfect competition
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MR is $25 (MRDARP)
answer
if market price is $25 in perfectly competitive firm, then
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Total Cost
answer
ATC x Q
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Profit
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total revenue - total cost
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productive efficiency
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price is equal to minimum atc
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stays the same
answer
does AR increase, decrease, or stay the same when more. output is produced
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