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The difference between what consumers/producers are willing to pay/sell their product for and the equilibrium price.
Find the area of the top triangle for consumer and the bottom triangle.
Maximum surplus is when the price is at equilibrium.

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P=MC=minimum ATC: If p is any higher it would be overusing resources, and vice versa if lower.

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New products and creative production methods that destroy the firms who are committed to selling an existing product.

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P = MC
If P > MC more needs to be produced
If P < MC less needs to be produced

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Entry of new firms increases resource prices. As the industry expands ATC costs curves shift upward. As the industry contracts atc costs shift downward

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Q will be where MR≥MC
MR > AVC
TR=(MR-ATC) * Q

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The long run's price curve equals the minimum average total cost value after all long run firm adjustments.

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When the industry expands or contracts the resource prices aren't affected. Graphically it means that entry or exit of firms does not shift the long run atc cost curve.

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Price x Quantity

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An output at which a firm makes a normal profit but not an economic one

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Firms will produce 0 if their AVC is higher than their MR or price. Their total costs or losses will be whatever their fixed costs are

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The change in total revenue that results from selling one more unit of output.

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When differentiated products are sold by a relatively large amount of sellers (i.e. smartphone industry, Apple v Samsung)

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Price and AR are the same thing.

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Very large numbers, standardized product, price is at the mercy of the market and free entry and exit.

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Few firms
standardized or differentiated products
mutually interdependent
difficult to enter industry

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When a single firm has total control over an entire industry

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Involves a large number of firms producing a standardized product.