Chapter 11 - Market Structures: Perfect Competition and Monopoly
0.0(0)
Studied by 0 people
View linked note
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/3
Earn XP
Description and Tags
Last updated 9:31 PM on 5/25/22
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
3 Terms
1
New cards
market price
When the ________ falls below the firm's minimum average variable cost, the price it obtains per unit does not cover its variable costs.
2
New cards
break-even price
The term, ________, refers to the minimum average total cost of a price-taking firm is called its break-even price, the price at which it earns zero economic profit (which we now know as a normal profit).
3
New cards
fixed costs
Costs that are constant regardless of the quantity of product generated and can only be changed in the long term
