AP Microeconomics Section 11 Review Project by Amogh Balineni

Industry Supply Curve

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shows the relationship between the price of a good and the total output of the industry as a whole

Short-Run Industry Supply Curve

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shows how the quantity supplied by an industry depends on the market price, given a fixed number of firms

Short-Run Market Equilibrium

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exists when the quantity supplied equals the quantity demanded, taking the number of producers as a given

Long-Run Market Equilibrium

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exists when the quantity supplied equals the quantity demanded, given that sufficient time has elapsed for entry into and exit from the industry to occur

Long-Run Industry Supply Curve

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shows how the quantity supplied responds to the price once producers have had time to enter or exit the industry

Price Regulation

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limits the price that a monopolist is allowed to charge

Single-Price Monopolist

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charges all consumers the same price

Price Discrimination

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when sellers charge different prices to different consumers for the same good

Perfect Price Discrimination

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takes place when a monopolist charges each consumer exactly his or her willingness to pay

Break-Even Price

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the market price at which a price-taking firm earns zero profits

Shut-Down Price

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the price equal to minimum average variable cost; when the market price falls below this price, the firm will cease production in the short run

Firm is Profitable

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if the firm produces at a quantity at which TR>TC
if the firm produces at a quantity at which P>ATC

Firm Breaks Even

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if the firm produces at a quantity at which TR=TC
if the firm produces at a quantity at which P=ATC

Firm Incurs a Loss

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if the firm produces at a quantity at which TRif the firm produces at a quantity at which P

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amoghbal6135 — 2019-03-06 15:27:03 UTC