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Unformatted text preview: The shut down point for the competitive firm The long run average cost for the competitive firm Long run equilibrium for the competitive firm Zero economic profits Increasing returns to scale or economies of scale Decreasing returns to scale or diseconomies of scale Inputs, complementary or substitutable The marginal revenue product curve The derived demand for an input The factor substitution effect The output effect Movement along the demand for an input Shifts of the demand for an input Perfectly inelastic supply in the market for land Using more than one inputs in production Partial equilibrium General equilibrium Efficient allocation of resources among firms Efficient distribution of output among households Producing efficient mix of output Allocative efficiency Pareto efficiency or Pareto optimality Sources of Market failure...
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This note was uploaded on 11/27/2011 for the course ECONOMICS 101 taught by Professor Kelly during the Fall '10 term at Wisconsin.
- Fall '10