MICRO Flashcards
1
Q
Kinked Demand Curve
A
2
Q
Deadweight Welfare Loss (Firm Diagram)
A
3
Q
Deadweight Wealfare Loss (Market Digram)
A
4
Q
Monopolistic Firm Short Run
A
5
Q
Monopolistic Firm Long Run
A
6
Q
Monopoly Firm Allocatively Efficient
- Operates where…
A
- MC=AR
7
Q
Monopoly Firm Growth Maximising / Average Cost Pricing
- Operates where…
A
- ATC=AR
8
Q
Monopoly Firm Profit Maximising
- Operates where…
A
- MC=MR
9
Q
Monopoly Firm Revenue Maximising
- Operates where…
A
- MR=0
10
Q
Perfect Competition Firm Loss in SR
A
11
Q
Perfect Competition Firm SNP in SR
A
12
Q
Perfect Competition Firm in LR
A
13
Q
Individual Supply of Labour Wage Diagram
A
14
Q
Natural Monopoly
- Due to
A
- Continual fall in LRAC due to EoS
