AP Microeconomics
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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| show | ΔTP / Δinputs
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| show | TP / units of labor
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| Average Fixed Cost (AFC) equation | show 🗑
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| Average Variable Cost (AVC) equation | show 🗑
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| show | TC / Q
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| show | ΔTC / ΔQ
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| What shifts when FIXED costs change? | show 🗑
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| What shifts when VARIABLE costs change? | show 🗑
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| increasing returns to scale | show 🗑
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| constant returns to scale | show 🗑
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| show | when the output LESS than doubles
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| Total Revenue (TR) equation | show 🗑
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| Profit equation | show 🗑
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| shut down rule | show 🗑
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| types of market structures | show 🗑
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| show | - many small firms
- identical products/ perfect substitutes
- low barriers
- seller has no need to advertise
- firms are price TAKERS
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| show | - one large firm
- unique product (no close substitutes)
- high barriers
- price MAKERS
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| characteristics of Oligopoly | show 🗑
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| show | - large number of sellers
- differentiated products
- lots of advertising
- low barriers
- some control over price
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| show | - economies of scale (bigger = cheaper)
- superior technology
- geography or ownership of raw materials
- government created barriers (ex: patents)
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| productive efficiency | show 🗑
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| allocative efficiency | show 🗑
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| show | where PRICE meets ATC
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| Where is ALLOCATIVE efficiency located? | show 🗑
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Created by:
maraschrantz
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