Quick Facts Flashcards
1
Q
When does profit maximising occur?
A
MC=MR
2
Q
When does revenue maximisation occur?
A
MC=AR
3
Q
When does output maximisation occur?
A
AC=AR
4
Q
When dos a company break even?
A
AC=AR
5
Q
WHEN DOES SALES MAXIMISATION OCCUR?
A
AC=AR
6
Q
When is total revenue maximised?
A
MR=0
7
Q
When does productive efficiency occur?
A
MC=AC
Not MC=AR
8
Q
When does allocative efficiency occur
A
P=MC
9
Q
Where is the market equilibrium in a perfectly competitive market?
A
MC=MR
10
Q
When does allocative inefficiency occur?
A
P>MC
11
Q
When does welfare loss occur
A
MSC>MPC
12
Q
Where do monopsonies employ?
A
MC=MRP
13
Q
Economic welfare =
A
14
Q
Productivity =
A
15
Q
PED =
A
16
Q
A
