Ap Microeconomics Unit 3
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15 Terms
1
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profit
TR-TC
2
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shareholders
firms try to serve
3
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sole proprietorship
total liability, but you get all the profits
4
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partnership
shared liability and shared profits
5
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corporations
shareholders, dividends paid to shareholders from profits, limited liability to shareholders, based on capital first used to pay for corporation.
6
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stocks
issuing ownership in a company
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bonds
issuing debt for a company
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normal profits
the best a firm can be doing at that point. economic profit good enough to keep the firm engaged in its current activity
9
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TC
VC+FC
10
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AFC
FC/Q
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AVC
VC/Q
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ATC
TC/Q
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MC
delta TC/ delta Q
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Allocative efficient
p=MC, MC=MB
15
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Productively efficient
P= Average Total Cost