Diagrams Flashcards
What does a Marginal cost curve look like?
What do the Average Variable, Fixed and Total Cost Curves look like?
What does the average revenue, demand, marginal revenue curve look like in a perfectly competitive market (price taker)?
Straight horizontal line
What do the TP, AP, MP curves look like?
What does supernormal profit in the short term look like in a perfectly competitive market?
What does the average revenue, demand, marginal revenue curve look like in a perfectly competitive market (price taker)?
How would the shutdown price of a firm be illustrated on a diagram?
What is the diagramatic illustration of how profits can only be normal in the long run of a perfectly competitive market?
What is the diagramatic illustration of how equilibrium is returned in a perfectly competitive market following subnormal profits?
Draw the long term market diagram of a perfectly competitive market
Draw the Market diagram for abnormal profit in a monopoly market
Diagramatically illustrate the relationship between Total revenue and PED
Draw a market diagram at the productively efficient point of output
Draw a market diagram at the allocatively efficient point of output
Draw a market diagram at the profit maximising point of output
Draw a market diagram at the revenue maximising point of output
Draw a market diagram at the sales maximising point of output
