Micro Unit 3

Select ALL

standardized, barriers

Graph of perfectly competitive industry - Q3

avc - atc

Graph of perfectly competitive industry - MInimum price

P2

apple

lower, new firms

equilibrium

minimum point

statements is most accurate

$25(longer one)

$40

$90

snow-clearing service - shut-down price

$15

snow-clearing service - maximize profit

4

fill in the blank

Marginal Product

Sigmund

4

negative

Exit

Rosie

-12000

greater

ATC Increasing

experiencing

economies of scale

toasters

40

toy cars - 20

$49

toy cars - 14

6

toy cars - 11

profit maximizing quantity

intersects

AVC lowest point

concept

ATC = AVC + AFC

does not change

fixed cost

Diminishing marginal returns

(longest one)

Jimmie

5

bagel - 3rd worker

15000 bagels

bagel - additional

4th worker

hardware store

94000

normal profit

economic profit equals zero

labor

3rd

sunk costs

ignored