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MonopolyOligopolyMonopolistic CompetitionPerfect Competition
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DescriptionExplanationShort-runLong-runShort-runLong-runShort-runLong-runShort-runLong-run
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Line and Value Types
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Total Fixed Costs
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Total Variable Costs
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Total Cost
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Average Fixed Cost
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Average Variable Cost
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Average Total Cost
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Marginal Cost
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Marginal Revenue
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Average Revenue
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Total Revenue
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Total Profit
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Interaction of Lines
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TOTAL GRAPHS:
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TR/TC/Tprofit graph
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-crossovers
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-flat portion of TC
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-max profit
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Total Revenue Parabola
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How is elasticity related to shape of TR parabola?
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How does the MR line relate to TR and elasticity?
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PER UNIT GRAPHS (ATC/AFC/AVC/MC/MR/AR)
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Crossovers:
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Why does MC cross AVC and ATC at their lowest points?
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Where are the lowest possible breakeven and shutdown points? Explain why.
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Where does maximum profit occur on this graph (look at Q level)? What else is going at this point there? Explain.
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Slopes, Mins and Maxes
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Why does AFC keep falling?
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Why isn't lowest point on ATC curve a minimum or maximum on TC curve?
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What is significant about where MR crosses the x-axis?
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Why is the MR line below the D=P=AR line?
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Why is the D=P=AR line downward sloping?
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The Big Picture Stuff:
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Market Structure
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Price (paid by consumers)
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Cost (paid to produce)
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Output level for society (Q)
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Economic Profits
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