ECO 102 Test 3 Study Guide

ECO 102 Test 3 Study Guide - Maximize Profit Break Even...

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Study Guide Economics 102 – Test 3 Price Maker Price Taker Characteristics of: Pure Competition Monopolistic Competition Oligopoly Monopoly Game Theory Herfindahl Index Concentration Ratio MC = MR Rule Kinked Demand Curve Horizontal Merger Vertical Merger Conglomerate Merger Product Differentiation Trade Association Cartel Patients, Copyrights Non Price Competition Barriers to Entry Profit Maximizing Price and Quantity Decision States:
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Unformatted text preview: Maximize Profit Break Even Minimize Loss Shut Down Price Discrimination Total Product Marginal Product Average Product Know Formulas: Total Cost Average Total Cost Variable Cost Average Variable Cost Fixed Cost Average Fixed Cost Minimum Efficient Scale Point of Saturation Long Run Cost Curve: Economies of Scale Returns to Scale Diseconomies of Scale Short Run \ Long Run Pareto Optimum...
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