Module 3: Short-Run Costs, Long-Run Costs, and Perfect Competition
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Last updated 5:07 PM on 4/2/26
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14 Terms
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Short run conditions
Limits of fixed cost or fixed factors
Firms can’t enter or exit an industry
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Total Cost (TC)
Total FC + Total VC
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Total cost (aka overhead) definition
Total of all costs that don’t change with output even if output is zero
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Average fixed cost (AFC)
TFC/q
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Spreading overhead
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