Chapter 6

  1. sellers can respond to potential profits in a market by entering or can leave markets that are no longer profitable
    free entry
  2. if many firms leave a market, the supply curve will __ and market price will __
    shift , increase
  3. period of time where some of the firms inputs cannot be changed
    short run
  4. period of time where all of the firms inputs can be changed
    long run
  5. Variable costs change as the level of output changes
    variable cost
  6. Do not change as output changes
    fixed cost
  7. profit
    total revenue -total cost
  8. some of the factors of production, change labor
    short tun
  9. all factors , change all resources
    long run
  10. eventually , marginal product falls =
    law of diminishing returns
Author
dwrght16
ID
329501
Card Set
Chapter 6
Description
midterm
Updated