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Principles of Microeconomics > Market Structure > Flashcards

Market Structure Flashcards

1
Q

Market structure

A

The characteristics of a market that may affect the trades (output, price, whether outcome is ‘good’)

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2
Q

Profit max point?

A

MC = MR (if firm doesn’t shut down)

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3
Q

Firm’s profit?

A

TR - TC

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4
Q

Shutdown rule?

A

P < AC

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5
Q

SR shutdown rule?

A

P < AVC

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6
Q

LR shutdown rule?

A

P < LRAC

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7
Q

What are the assumptions of perfect competition?

A

Sellers are price takers

Entry is free

Buyers are price takers (A)

Sellers & buyers have complete info (A)

Homogenous products

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Principles of Microeconomics (11 decks)

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