Perfect Competition

Front

What is the goal of a firm?

Back

to maximize profits

Front

Fixed Costs are only fixed in the

Back

Short run

Front

Marginal =

Back

Additional

Front

MR = ? Options: MC, NC, WC, KFC

Back

MC

Front

If Q is increasing but so is ATC then it must be

Back

Diseconomies to scale

Front

If ATC is going down and Quantity is increase then

Back

Economies of Scale

Front

What is the profit maximizing condition?

Back

MR = MC

Front

What is the price in this market?

Back

13

Front

How many products should this firm produce?

Back

8

Front

If they produce 8, what will their total revenue be?

Back

104