Market Structures Flashcards
What is the diagram for economies of scale?
What is the diagram for productive efficiency?
What is the diagram for perfect competition?
What is the diagram for monopolistic competition?
What is the diagram for a monopoly?
What is the diagram for price discrimination?
What is the diagram for a natural monopoly?
What is the diagram for a kinked demand curve?
What is the diagram for consumer and producer surplus?
What is the diagram for dynamic efficiency?
What is static efficiency?
the measure of how well existing resources are allocated at a given point in time
What is dynamic efficiency?
the measure of the productive efficiency over a given period of time
What are the types of innovation?
disruptive innovation, incremental innovation, radical innovation, sustaining innovation
What is creative destruction?
the process of economic change that results from the introduction of new technologies or products that render old ones obsolete
What is accounting profit?
total revenue - explicit costs
What is economic profit?
total revenue - total costs
What are the different types of business objectives?
financial, customer-centric, social, internal, global
What is MC=MR
profit maximisation
What is AC=AR
normal profit
What is MC=AC
minimum cost of output
Consumer and Producer Surplus diagram
What is MC=AR?
allocative efficiency (price)
