Shifts in a monopoly
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8 Terms
1
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What curves shift due to changes in production costs e.g variable costs?
MC and AC
2
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hat curves shift due to changes in market demand e.g variable costs?
AR and MR
3
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When there is a change in fixed costs what curve shifts and why?
Only AC
Not MC ecause…
marginal cost represents the cost of producing one additional unit of output, and fixed costs by definition do not vary with the level of production
4
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What does an increase in variable costs look like?
5
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What does a decrease in variable costs look like?
6
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What does an increase in fixed costs look like?
7
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What does a decrease in demand look like?
8
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What does an increase in demand look like?
