https://padlet.com/155003500/53oqvpperpq1 en-us 2017-10-24 15:16:06 UTC 2026-03-11 19:25:18 UTC hello@padlet.com 155003500 https://padlet.com/155003500/53oqvpperpq1/wish/200040692 price per unit to the purchaser is also revenue is also revenue per unit, or average revenue, to the seller]]> 2017-10-24 15:21:45 UTC https://padlet.com/155003500/53oqvpperpq1/wish/200040692 156004291 https://padlet.com/155003500/53oqvpperpq1/wish/200041030 a term that describes a market that has a broad range of competitors who are selling the same products. It is often referred to as perfect competition

Pure monopoly
 a market structure where one company is the single source for a product and there are no close substitutes for the product available.Pure monopolies are relatively rare. In order for a provider to maintain a pure monopoly, there must be barriers preventing competitors from entering the market.

monopolistic competition
a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes.

Oligopoly 
a market structure in which a small number of firms has the large majority of market share. An oligopoly is similar to a monopoly, except that rather than one firm, two or more firms dominate the market.]]> 2017-10-24 15:22:16 UTC https://padlet.com/155003500/53oqvpperpq1/wish/200041030 155003500 https://padlet.com/155003500/53oqvpperpq1/wish/200042306 TR is found by multiplying price by the corresponding quantity the firm can sell]]> 2017-10-24 15:24:16 UTC https://padlet.com/155003500/53oqvpperpq1/wish/200042306 155003561 https://padlet.com/155003500/53oqvpperpq1/wish/200042793 - where firms at an output makes a normal profit but not an economic profit]]> 2017-10-24 15:24:58 UTC https://padlet.com/155003500/53oqvpperpq1/wish/200042793 155003500 https://padlet.com/155003500/53oqvpperpq1/wish/200044453 the change in total revenue or the extra revenue that results fro selling one more unit of output]]> 2017-10-24 15:27:16 UTC https://padlet.com/155003500/53oqvpperpq1/wish/200044453 155003561 https://padlet.com/155003500/53oqvpperpq1/wish/200044592 -firm will maximize profit/ minimize loss by producing where MR= MC
- rule will be = fractional level of output, so the firm should produce last complete unit of output for so ]]> 2017-10-24 15:27:29 UTC https://padlet.com/155003500/53oqvpperpq1/wish/200044592 155003500 https://padlet.com/155003500/53oqvpperpq1/wish/200434702 - Entry and Exit only
the only long run adjustment in our graphical analysis in caused by entry and exit
- Identical Costs
all firms have identical cost curves
- Constant-cost industry
this means that the entry and exit of firms does not affect resource prices
Goals?
- firms seek profits and shun losses
- under pure competition, Firms can enter and exit as they please]]> 2017-10-25 14:42:49 UTC https://padlet.com/155003500/53oqvpperpq1/wish/200434702 147003694 https://padlet.com/155003500/53oqvpperpq1/wish/200435774 2017-10-25 14:44:35 UTC https://padlet.com/155003500/53oqvpperpq1/wish/200435774 155003561 https://padlet.com/155003500/53oqvpperpq1/wish/201786171 -the amount of output the firm will supply at each price 
-represented at the MC Curve of a firm]]> 2017-10-30 15:48:44 UTC https://padlet.com/155003500/53oqvpperpq1/wish/201786171 156004291 https://padlet.com/155003500/53oqvpperpq1/wish/201787986   a type of market structure showing some but not all features of competitive markets. Forms of imperfect competition include: ... Monopolistic competition, in which there are many sellers producing highly differentiated products.]]> 2017-10-30 15:51:30 UTC https://padlet.com/155003500/53oqvpperpq1/wish/201787986 155003500 https://padlet.com/155003500/53oqvpperpq1/wish/201788820 - MR = MC and price and minimum ATC are equal 
- Economic profit is 0; the industry is in equilibrium or at rest because there is no tendency for firms to enter or to leave ]]> 2017-10-30 15:52:47 UTC https://padlet.com/155003500/53oqvpperpq1/wish/201788820 156004291 https://padlet.com/155003500/53oqvpperpq1/wish/201791009 All economic participants are considered to be price-takers in a market of perfect competition, or one in which all companies sell an identical product, there are no barriers to entry or exit, every company has a relatively small market share, and all buyers have full information of the market.

]]> 2017-10-30 15:55:48 UTC https://padlet.com/155003500/53oqvpperpq1/wish/201791009 155003561 https://padlet.com/155003500/53oqvpperpq1/wish/201791438 - P= Min. ATC = MR
-goods are produced in the least costly way
-L-R: firms produce]]> 2017-10-30 15:56:34 UTC https://padlet.com/155003500/53oqvpperpq1/wish/201791438 156004291 https://padlet.com/155003500/53oqvpperpq1/wish/201791841 Average revenue is the revenue generated per unit of output sold. It plays a role in the determination of a firm's profit. Per unit profit is average revenue minus average (total) cost. A firm generally seeks to produce the quantity of output that maximizes profit.]]> 2017-10-30 15:57:15 UTC https://padlet.com/155003500/53oqvpperpq1/wish/201791841 156004291 https://padlet.com/155003500/53oqvpperpq1/wish/201793036  a state of the economy in which production represents consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing.

]]> 2017-10-30 15:59:16 UTC https://padlet.com/155003500/53oqvpperpq1/wish/201793036 155003500 https://padlet.com/155003500/53oqvpperpq1/wish/201793771 - economic profit will lure new firms into the industry. some entrants will be newly created firms, others will shift from less prosperous industries 
- market supply increases ]]> 2017-10-30 16:00:35 UTC https://padlet.com/155003500/53oqvpperpq1/wish/201793771