important things from extra notes

refers to the physical charteristics of the market within which firm interact, determiend by the number of firms in the market and teh barreis to entry

a market in which there are many firsm selling differenitiated products and few barriers to entry

a market in which there are only a few firms and firmes explicity take other firms likely tor esponce into accont

• many sellers
• product differentation
• multiple dimensions of competition
• ease of entry of new firms

a model of oligopolies where barriers to entry and exit not a market structure determine price and output decisions and a competitive price is set

out of pocket costs (rent wages supplies etc)

lost money fromnot doing something else ( i.e quitting one job to do another)

the change in total cost from producting one more unit of a good or service

prce X quantyt (for one good)

• EP =M0 (accounting profit = implicit cost)
• equallibrium quantity > 0

• EP = 0 (accounting profit = implicit cost)
• equillibrium quantity > 0

• EP = negative (accounting profit < implicit costs)
• equillibrium quantity > 0? or = 0? depends on chart

• EP = Negative
• equillibrium quantity > 0? or = 0? depdnds on choice
• shutting down minimizes losses