6. Profit + Shut down point.
0.0(0)
Studied by 0 people
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/5
There's no tags or description
Looks like no tags are added yet.
Last updated 3:55 PM on 5/7/26
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai | Chat |
|---|
No analytics yet
Send a link to your students to track their progress
6 Terms
1
New cards
Define 'normal profit'.
Break even.
2
New cards
Define economic profit. (aka supernominal, abnormal).
Profit. (Revenue-costs)
3
New cards
What type of profit do firms make in the short run?
Economic profit.
4
New cards
What type of profit do firms make in the long run?
Normal profit.
5
New cards
Define 'the shut down point'.
When the average revenue (price), falls below the average variable costs.
6
New cards
Draw the shut down point diagram.
Shut down point = below p2.
Normal profit = mc=atc
