Class 5 Slides Flashcards by jacobswain jacobswain | Brainscape

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The Firm

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Opportunity Cost

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Firm’s Own Use of Capital

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Opportunity Cost

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The Production Function

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Production Function Example

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Marginal Products of Labor and Capital

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Marginal Product Example

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Short Run vs Long Run

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Production Costs

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Cost Minimization

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Takeaways regarding cost minimization

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Cost Function

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Variable vs Fixed Cost

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Short-run vs Long-run Costs

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Average costs

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Profit maximization

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Two views of profit maximization

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How is profit maximized?

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When is profit maximized?

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Supply curve

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Supply curve vs average variable cost curve

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Role of fixed costs in long-term

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When does marginal cost curve cross the average cost curve?

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How does a demand shock affect the market?

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Entry, Exit, and Long-Run Economic Profit Takeaways

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Monopolist supply curve

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What price does a monopolist choose?

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Monopolists marginal revenue curve

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How monopolists maximize profits

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Welfare

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Monopolist takeaways

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Monopolistic competition

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How do firms earn profits in monopolistic competition?

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What happens to demand when firms steal market share

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What happens when a monopolistic competitive firm earns profits?

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Key takeaways of monopolistic competition

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