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Class notes principle of macroeconomics Exploring Macroeconomics, ISBN: 9780176877187 CA$8.13
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Class notes principle of macroeconomics Exploring Macroeconomics, ISBN: 9780176877187
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Lecture notes study book Exploring Macroeconomics of Robert L Sexton, Darren Chapman, Colin C. Kovacs, Peter Fortura - ISBN: 9780176877187 (supply and demand)

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  • April 1, 2021
  • 5
  • 2020/2021
  • Class notes
  • Yin huang
  • All classes

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A catfish farmer will shut down production when

Price falls below AFC



A firm experiencing economic losses will still continue to produce output in the short run as long as

Price is above average variable cost



A firms total revenue can be determined by

Price times quantity



A monopoly occurs when

There is only one producer of a good or service



A perfectly competitive firm is a price taker because

The price of the product is produced by many buyers and sellers



A profit maximizing producer seeks to

maximize total profit



Economic profit is

Less than accounting profit by the amount of implicit costs



Entrepreneurship

can result in economic losses



Examples of barriers to entry include

Patents



Explicit costs

Are the sum of actual monetary payments made for resources used to produce a good

, fixed costs

are constant in the short run



For perfectly competitive firms, price

is equal to marginal revenue



For the perfectly competitive firm, the marginal revenue is always

constant



High profits in a particular industry indicate that

consumers want more of that industry's goods



If someone invents a better way to invent frozen pizzas, then

The market supply curve for frozen pizzas will shift to the right



If the price of ricotta cheese, an ingredient in lasagna, increases, then

The market supply curve for lasagna will shift to the left



If the products of two firms are homogeneous, then they

Are perfect substitutes



Implicit costs

Are the costs to produce a good or service for which no direct payment is made



In a perfectly competitive industry, economic profit

Will approach zero in the long run as more firms enter the market



In a perfectly competitive industry, economic profit

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