question
marginal product decreases
answer
As the number of workers increases...
question
average quantity over average workers
answer
marginal product
question
ATC over average quantity
answer
marginal cost
question
at the efficient scare
answer
Where ATC and MC intersect
question
find MC, then find where MR and MC are as close as possible
answer
What do do when question asks where the firm will maximize profit
question
Average total revenue over average quantity
answer
Marginal Revenue
question
less than the average variable cost
answer
The firm should shut down if the market price is...
question
negative profits and shut down
answer
If the market price falls below the AVC then...
question
variable costs
answer
A firm will shut down in the short run if the total revenue that it would get from producing and selling its output is less than its....
question
total revenue is greater than total cost, the price is greater than average total costs, the firm can earn economic profits
answer
In the long run, a firm will enter a competitive industry if...
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
