Profit, Cost, Competition
Not what you're looking for?
Please see the attached file.
MATCHING: Place only one letter in each space and use any one letter only once. One point each.
____ 1. Cause of increasing long-run A. Normal Profit
average total costs
B. Variable Cost
____ 2. Raw Materials
C. Diminishing Returns
____ 3. Total Revenue -
(Explicit + Implicit Costs) D. Pure Competition
____ 4. Market structure where many firms E. Fixed Cost
produce a differentiated product
F. Economic Profit
____ 5. The amount the entrepreneur could
earn elsewhere G. Diseconomies of Scale
____ 6. Change in total variable cost as H. Marginal Cost
output changes by one unit
I. Monopolistic Competition
J. Average Variable Cost
K. Economies of Scale
L. Accounting Profit
Purchase this Solution
Solution Summary
The expert examines profit, cost and competition. The cause of increasing long-run average total costs are determined.
Solution Preview
Please see the attached file.
MATCHING: Place only one letter in each space and use any one letter only once. One point each.
__G__ 1. Cause of increasing long-run A. Normal Profit
average total costs
B. Variable Cost
_ B_ 2. Raw Materials ...
Purchase this Solution
Free BrainMass Quizzes
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.