Economics- Edexcel 3.3.4
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Normal profit | show 🗑
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| When is a business making normal profits? | show 🗑
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| Supernormal profit other name | show 🗑
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| Supernormal profit | show 🗑
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| What happens to other firms when firms are making abnormal profits in a market? | show 🗑
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| show | profit that is less than normal so P < AC
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| show | economic loss
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| show | an upward shift in MC and AC causing a fall in profits
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| Overhead costs | show 🗑
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| When will a firm supply products in the short run? | show 🗑
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| Why do firms stay in the market providing P>AVC? | show 🗑
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| show | the conditions and price where a firm will decide to stop producing
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| show | at least normal profits
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| Why can firms survive while making a loss in the long run? | show 🗑
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| Why does the supply curve normally slope upwards? | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
jessharris
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