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Econ > Chapter 11 and 12 > Flashcards

Chapter 11 and 12 Flashcards

1
Q

MR > MC
MC < MR
MR = MC

A

MR > MC: produce more
MC < MR: produce less
​MR = MC: breaking even

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2
Q

Average cost

A

Total cost divided by output (curved line)

MC < AC: average costs fall
MC > AC: average costs rise

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3
Q

P > AC
P < AC
P = AC

A

P > AC: profit
P < AC: loss
P = AC: breaking even, long run equilibrium

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Econ (6 decks)

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