Firms' Short and Long-Run Decisions
AP Microeconomics · Flashcards
AP MICROECONOMICS · FLASHCARDS
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QUESTION
Which cost is considered when deciding to shut down in the short run?
QUESTION
What does 'productive efficiency' mean?
QUESTION
What is the normal profit condition?
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ANSWER
Zero economic profit, where TR = TC. Earning just enough to cover all costs.
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