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Can you name the MicroeconomicsTest2?

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HintAnswer
Total Revenue minus economic cost
There are no barriers to entry, so there are many firms and each sells a slightly different product
A curve showing the relationship between the price charged by a specific firm and the quantity the firm can sell
The long-run cost divided by the quantity produced
A situation in which the long-run average cost of production increases as output increases
The total cost of production when at least one input is fixed; equal to fixed cost plus variable cost
An opportunity cost that does not involve a monetary payment. EX: Time
The explicit cost of production. Also known as explicit cost.
Short-run total cost divided by the quantity produced; equal to AFC + AVC
A market with many sellers and buyers of a homogenous product and no barriers to entry
The total cost of production when a firm is perfectly flexible in choosing its inputs
To maximize profit, produce the quantity where price equals what?
A buyer or seller that takes the market price as given
A curve showing the relationship between the quantity of labor and the quantity of output produced
The change in long-run cost resulting from a one-unit increase in output
Total revenue minus accounting cost
Fifth feature of a Perfectly Competitive Market
Cost that does not vary with the quantity produced
If price is less than average variable cost then you should
A cost that a firm has already paid or committed to pay, so it cannot be recovered.
A monetary payment; EX: Labor, Capital, and Materials
HintAnswer
Third feature of a Perfectly Competitive Market
The output at which scale economies are exhausted
If price is greater than average variable cost then you should...
Cost that varies with the quantity produced
First feature of a Perfectly Competitive Market
A situation in which the long-run total cost increases proportionately with output, so average cost is constnat
Second feature of a Perfectly Competitive Market
The change in short-run total cost resulting from a one-unit increase in output
The price at which economic profit is zero; price equals average total cost
The opportunity cost of the inputs used in the production process; equal to explicit cost plus implicit cost
As one input increases while the other inputs are held fixed, output increases at a decreasing rate
A single firm serves the entire market
An input that cannot be scaled down to produce a smaller quantity of output. EX: Steel company needs a furnace not a toaster oven
Fixed cost divided by the quantity by the quantity produced
The change in output from one additional unit of labor
The markets consists of just a few firms because economies of scale or government policies limit the number of firms
Fourth feature of a Perfectly Competitive Market
The change in total revenue from selling one more unit of output
A situation in which the long-run average cost of production decreases as output increases
Variable cost divided by the quantity produced

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