WARNING:
JavaScript is turned OFF. None of the links on this concept map will
work until it is reactivated.
If you need help turning JavaScript On, click here.
This Concept Map, created with IHMC CmapTools, has information related to: Block 2, Variable Cost additiional output from additional input Marginal Product, Marginal Revenue net earning minus opportunity cost Economic Profit, Short Run shows the lowest possible short run average cost Average Variable Cost, Marginal Product increase in total cost for the production of one more unit Marginal Cost, Market many smalls firms selling slighly differents products Monopolistic Competition, Barriers to entry large investment cannot be recouped Sunk Cost, Marginal Product an increase in the amount of any input lower marginal returns Diminishing Marginal Returns, Producer Surplus inputs and outputs decisions Long Run, RESOURCES allocates resources No wastes Efficiency, Short Run Cost that cannot varied Fixed Cost, Marginal Revenue revenues are higher than cost Break-even Point, Good or Services value to the consumer of goods or services Consumer Plus, Market only one supplier, there is no substitutes Monopoly, Monopoly large scale of production make it possible for a single firm to produce output Natural Monopoly, Market ability of business to raise price of its products above competitive Market Power, Fixed Cost additiional output from additional input Marginal Product, Efficiency growth in output helps Market, Producer Surplus inputs and outputs decisions Short Run, Market escape the control of market Externalities, Marginal Product cost per unit of an input Average Total Cost