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  /Subject (Microeconomics exam 2 Cheat Sheet)
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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Microeconomics exam 2 Cheat Sheet}}}} \\
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\begin{tabularx}{17.67cm}{x{8.635 cm} x{8.635 cm} }
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\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Chapter 6: Price Controls}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{{\bf{Vocabulary}}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
Price Controls & an attempt to set prices through government regulations in the market \tn 
% Row Count 5 (+ 4)
% Row 2
\SetRowColor{LightBackground}
Price Ceiling & a legally established maximum price for a good or service \tn 
% Row Count 8 (+ 3)
% Row 3
\SetRowColor{white}
Black Markets & illegal markets that arise when price controls are in place \tn 
% Row Count 11 (+ 3)
% Row 4
\SetRowColor{LightBackground}
Rent Control & a price ceiling that applies to the market for apartment rentals \tn 
% Row Count 15 (+ 4)
% Row 5
\SetRowColor{white}
Price Gouging Laws & temporary ceilings on the prices that sellers can charge during times of emergency \tn 
% Row Count 20 (+ 5)
% Row 6
\SetRowColor{LightBackground}
Price Floor & a legally established minimum price for a good or service \tn 
% Row Count 23 (+ 3)
% Row 7
\SetRowColor{white}
Minimum Wage & the lowest hourly wage rate that firms may legally pay their workers \tn 
% Row Count 27 (+ 4)
% Row 8
\SetRowColor{LightBackground}
Non-Binding Price Controls & price ceiling is above the equilibrium price \tn 
% Row Count 30 (+ 3)
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{17.67cm}{x{8.635 cm} x{8.635 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Chapter 6: Price Controls (cont)}}  \tn
% Row 9
\SetRowColor{LightBackground}
Binding Price Ceiling & price ceiling is below the equilibrium price \tn 
% Row Count 3 (+ 3)
% Row 10
\SetRowColor{white}
Binding Price Floor & price floor above the equilibrium price \tn 
% Row Count 5 (+ 2)
% Row 11
\SetRowColor{LightBackground}
Non-binding price floor & price floor below the equilibrium price \tn 
% Row Count 7 (+ 2)
% Row 12
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{{\bf{Relationships}}} \tn 
% Row Count 8 (+ 1)
% Row 13
\SetRowColor{LightBackground}
Binding Price Ceilings cause... & shortages, decrease in good quality, opportunity of finding the good will increase, black markets for the good will increase, smaller quantity supplied, and higher price for those who purchase the good on the black market \tn 
% Row Count 20 (+ 12)
% Row 14
\SetRowColor{white}
Non-binding Price Ceilings... & do not influence the market \tn 
% Row Count 22 (+ 2)
% Row 15
\SetRowColor{LightBackground}
Binding Price Ceiling in the short run versus long run & in the short run there is a shortage (along with the other consequences described above) and in the long run the shortage expands) \tn 
% Row Count 29 (+ 7)
% Row 16
\SetRowColor{white}
Price Floors result from... & political pressures of suppliers to keep prices high \tn 
% Row Count 32 (+ 3)
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{8.635 cm} x{8.635 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Chapter 6: Price Controls (cont)}}  \tn
% Row 17
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Price gouging laws cause... & the same consequences as the a binding price ceiling HOWEVER this is temporary as the market will return to normal after the disaster is over \tn 
% Row Count 8 (+ 8)
% Row 18
\SetRowColor{white}
Non-binding price floors... & have no impact on the market \tn 
% Row Count 10 (+ 2)
% Row 19
\SetRowColor{LightBackground}
Binding Price Floors cause... & a surplus, illegal discounts to reduce the surplus, producers are worse off, smaller quantity demanded, black market to eliminate surplus \tn 
% Row Count 17 (+ 7)
% Row 20
\SetRowColor{white}
Binding Price Floors in the short run versus long run & in the short run there is a surplus (along with the other consequences described above) and in the long run the surplus expands \tn 
% Row Count 24 (+ 7)
% Row 21
\SetRowColor{LightBackground}
Minimum wage laws cause... & increased unemployment, less hours for employees, and worse benefits \tn 
% Row Count 28 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\begin{tabularx}{17.67cm}{x{8.4623 cm} x{8.8077 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Market Inefficiencies}}  \tn
% Row 0
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\mymulticolumn{2}{x{17.67cm}}{{\bf{Definitions}}} \tn 
% Row Count 1 (+ 1)
% Row 1
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Externalities & the costs or benefits of a market activity that affect a third party \tn 
% Row Count 5 (+ 4)
% Row 2
\SetRowColor{LightBackground}
Market Failure & condition occurring when there is an inefficient allocation of resources in a market \tn 
% Row Count 10 (+ 5)
% Row 3
\SetRowColor{white}
Internal Costs & the costs of a market activity paid only by an individual participant \tn 
% Row Count 14 (+ 4)
% Row 4
\SetRowColor{LightBackground}
External Costs & the costs of a market activity imposed on people who are not participants in that market \tn 
% Row Count 19 (+ 5)
% Row 5
\SetRowColor{white}
Social Costs & the sum of the internal costs and external costs of a market activity \tn 
% Row Count 23 (+ 4)
% Row 6
\SetRowColor{LightBackground}
Third-Party Problem & a situation in which those not directly involved in a market activity experience negative or positive externalities \tn 
% Row Count 29 (+ 6)
% Row 7
\SetRowColor{white}
Social Optimum & the price and quantity combination that would exist if there were no externalities \tn 
% Row Count 34 (+ 5)
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\begin{tabularx}{17.67cm}{x{8.4623 cm} x{8.8077 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Market Inefficiencies (cont)}}  \tn
% Row 8
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Internalize & relating to a firm's handling of externalities, to take into account the external costs (or benefits) to society that occur as a result of the firm's actions \tn 
% Row Count 8 (+ 8)
% Row 9
\SetRowColor{white}
Property Rights & an owner's ability to exercise control over a resource \tn 
% Row Count 11 (+ 3)
% Row 10
\SetRowColor{LightBackground}
Private Property & provision of an exclusive right of ownership that allows for the use, and especially the exchange, of property \tn 
% Row Count 17 (+ 6)
% Row 11
\SetRowColor{white}
Coase Theorem & theorem stating that if there are no barriers to negotiations, and if property rights are fully specified, interested parties will bargain to correct externalities \tn 
% Row Count 26 (+ 9)
% Row 12
\SetRowColor{LightBackground}
Excludable Good & a good for which access can be limited to paying customers \tn 
% Row Count 29 (+ 3)
% Row 13
\SetRowColor{white}
Rival Good & a good that cannot be enjoyed by more than one person at a time \tn 
% Row Count 33 (+ 4)
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{8.4623 cm} x{8.8077 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Market Inefficiencies (cont)}}  \tn
% Row 14
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Private Good & excludable and rival \tn 
% Row Count 1 (+ 1)
% Row 15
\SetRowColor{white}
Public Good & Non-excludable and nonrival;a good that can be consumed by more than one person, and from which nonpayers are difficult to exclude \tn 
% Row Count 8 (+ 7)
% Row 16
\SetRowColor{LightBackground}
Free-Rider Problem & phenomenon occurring when someone receives a benefit without having to pay for it \tn 
% Row Count 13 (+ 5)
% Row 17
\SetRowColor{white}
Club Good & nonrival and excludable \tn 
% Row Count 15 (+ 2)
% Row 18
\SetRowColor{LightBackground}
Common-resource good & rival and nonexcludable \tn 
% Row Count 17 (+ 2)
% Row 19
\SetRowColor{white}
Cost-benefit analysis & a process that economists use to determine whether the benefits of providing a public good outweigh the costs \tn 
% Row Count 23 (+ 6)
% Row 20
\SetRowColor{LightBackground}
Tragedy of the Commons & the depletion of a common-resource good \tn 
% Row Count 25 (+ 2)
% Row 21
\SetRowColor{white}
Cap and Trade & an approach used to curb pollution by creating a system of emissions permits that are traded in an open market \tn 
% Row Count 31 (+ 6)
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{17.67cm}{x{8.4623 cm} x{8.8077 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Market Inefficiencies (cont)}}  \tn
% Row 22
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\mymulticolumn{2}{x{17.67cm}}{{\bf{Relationships}}} \tn 
% Row Count 1 (+ 1)
% Row 23
\SetRowColor{white}
Correct negative externalities with... & taxes or charges \tn 
% Row Count 3 (+ 2)
% Row 24
\SetRowColor{LightBackground}
Correct positive externalities with... & subsidies or government provision \tn 
% Row Count 5 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\par\addvspace{1.3em}

\begin{tabularx}{17.67cm}{x{8.635 cm} x{8.635 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Business Costs and Production}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{{\bf{Vocabulary}}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
Total Revenue & the amount a firm receives from the sale of goods and services \tn 
% Row Count 5 (+ 4)
% Row 2
\SetRowColor{LightBackground}
Total Cost & the amount a firm spends to produce and/or sell goods and services \tn 
% Row Count 9 (+ 4)
% Row 3
\SetRowColor{white}
Profit & the result when total revenue is higher than total cost \tn 
% Row Count 12 (+ 3)
% Row 4
\SetRowColor{LightBackground}
Loss & the result when total revenue is less than total cost \tn 
% Row Count 15 (+ 3)
% Row 5
\SetRowColor{white}
Explicit Costs & tangible out-of-pocket expenses \tn 
% Row Count 17 (+ 2)
% Row 6
\SetRowColor{LightBackground}
implicit costs & the costs of resources already owned, for which no out-of-pocket payment is made \tn 
% Row Count 21 (+ 4)
% Row 7
\SetRowColor{white}
Accounting Profit & profit calculated by subtracting a firm's explicit costs from total revenue \tn 
% Row Count 25 (+ 4)
% Row 8
\SetRowColor{LightBackground}
Economic Profit & profit calculated by subtracting both the explicit costs and the implicit costs from a firm's total revenue \tn 
% Row Count 31 (+ 6)
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{17.67cm}{x{8.635 cm} x{8.635 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Business Costs and Production (cont)}}  \tn
% Row 9
\SetRowColor{LightBackground}
Output & the production the firm creates \tn 
% Row Count 2 (+ 2)
% Row 10
\SetRowColor{white}
Factors of Production & the inputs (labor, land, and capital) used in producing goods and services \tn 
% Row Count 6 (+ 4)
% Row 11
\SetRowColor{LightBackground}
Production Function & the relationship between the inputs a firm uses and the output it creates \tn 
% Row Count 10 (+ 4)
% Row 12
\SetRowColor{white}
Marginal Product & the change in output associated with one additional unit of an input \tn 
% Row Count 14 (+ 4)
% Row 13
\SetRowColor{LightBackground}
Diminishing Marginal Product & condition occurring when successive increases in inputs are associated with a slower rise in output \tn 
% Row Count 19 (+ 5)
% Row 14
\SetRowColor{white}
Variable Costs & costs that change with the rate of output \tn 
% Row Count 22 (+ 3)
% Row 15
\SetRowColor{LightBackground}
Fixed Costs & costs that do not vary with a firm's output in the short run; also known as overhead \tn 
% Row Count 27 (+ 5)
% Row 16
\SetRowColor{white}
Average Variable Cost (AVC) & an amount determined by dividing a firm's total variable costs by the output \tn 
% Row Count 31 (+ 4)
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{8.635 cm} x{8.635 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Business Costs and Production (cont)}}  \tn
% Row 17
\SetRowColor{LightBackground}
Average Fixed Cost (AFC) & an amount determined by dividing a firm's total fixed costs by the output \tn 
% Row Count 4 (+ 4)
% Row 18
\SetRowColor{white}
Average Total Cost (ATC) & the sum of average variable cost and average fixed cost \tn 
% Row Count 7 (+ 3)
% Row 19
\SetRowColor{LightBackground}
Marginal Cost (MC) & the increase in cost that occurs from producing one additional unit of output \tn 
% Row Count 11 (+ 4)
% Row 20
\SetRowColor{white}
Scale & the size of the production process \tn 
% Row Count 13 (+ 2)
% Row 21
\SetRowColor{LightBackground}
Efficient Scale & the output level that minimizes average total cost in the long run \tn 
% Row Count 17 (+ 4)
% Row 22
\SetRowColor{white}
Economies of Scale & condition occurring when long-run average total costs decline as output expands \tn 
% Row Count 21 (+ 4)
% Row 23
\SetRowColor{LightBackground}
Diseconomies of Scale & condition occurring when long-run average total costs rise as output expands \tn 
% Row Count 25 (+ 4)
% Row 24
\SetRowColor{white}
Constant Returns to scale (or constant economies of scale) & condition occurring when long-run average total costs remain constant as output expands \tn 
% Row Count 30 (+ 5)
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\begin{tabularx}{17.67cm}{x{8.635 cm} x{8.635 cm} }
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\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Business Costs and Production (cont)}}  \tn
% Row 25
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\mymulticolumn{2}{x{17.67cm}}{{\bf{Equations and relationships}}} \tn 
% Row Count 1 (+ 1)
% Row 26
\SetRowColor{white}
average fixed costs curve & will never increase gets closer and closer to zero \tn 
% Row Count 4 (+ 3)
% Row 27
\SetRowColor{LightBackground}
average variable costs curve & parabola-ish shaped above average fixed costs curve \tn 
% Row Count 7 (+ 3)
% Row 28
\SetRowColor{white}
average total costs curve & parabola-ish shaped above average variable costs curve \tn 
% Row Count 10 (+ 3)
% Row 29
\SetRowColor{LightBackground}
marginal costs curve & parabola-ish shaped above average fixed costs curve and below average variable cost curve and crosses average variable cost curve and average total costs curve at their minimum \tn 
% Row Count 19 (+ 9)
% Row 30
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{total cost = explicit costs + implicit costs} \tn 
% Row Count 20 (+ 1)
% Row 31
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{profit (or loss) = total revenues - total costs} \tn 
% Row Count 21 (+ 1)
% Row 32
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\mymulticolumn{2}{x{17.67cm}}{accounting profit = total revenue - explicit costs} \tn 
% Row Count 22 (+ 1)
% Row 33
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{economic profit = total revenues - (explicit costs + implicit costs)} \tn 
% Row Count 24 (+ 2)
% Row 34
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\mymulticolumn{2}{x{17.67cm}}{economic profit = accounting profit - implicit costs} \tn 
% Row Count 26 (+ 2)
% Row 35
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{Total costs = total variable costs + total fixed costs} \tn 
% Row Count 28 (+ 2)
% Row 36
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{average variable cost = total variable cost / quantity} \tn 
% Row Count 30 (+ 2)
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\begin{tabularx}{17.67cm}{x{8.635 cm} x{8.635 cm} }
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\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Business Costs and Production (cont)}}  \tn
% Row 37
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\mymulticolumn{2}{x{17.67cm}}{average fixed cost = total fixed cost / quantity} \tn 
% Row Count 1 (+ 1)
% Row 38
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{average total cost = total total cost / quantity} \tn 
% Row Count 2 (+ 1)
% Row 39
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{average total cost = average variable cost + average fixed cost} \tn 
% Row Count 4 (+ 2)
% Row 40
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{marginal cost = change in total variable cost / change in quantity} \tn 
% Row Count 6 (+ 2)
% Row 41
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{marginal cost = change in total cost / change in quantity} \tn 
% Row Count 8 (+ 2)
% Row 42
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{in the long run the average total cost curve for...} \tn 
% Row Count 10 (+ 2)
% Row 43
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{diseconomies of scale increases} \tn 
% Row Count 11 (+ 1)
% Row 44
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{constant returns to scale levels out} \tn 
% Row Count 12 (+ 1)
% Row 45
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{economies of scale decreases} \tn 
% Row Count 13 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\begin{tabularx}{17.67cm}{x{8.635 cm} x{8.635 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Firms in a Competitive Market}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{{\bf{Definitions}}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
Price taker & a firm with no control over the price set by the market \tn 
% Row Count 4 (+ 3)
% Row 2
\SetRowColor{LightBackground}
Marginal Revenue & the change in total revenue a firm receives when it produces one additional unit of output \tn 
% Row Count 9 (+ 5)
% Row 3
\SetRowColor{white}
Profit-Maximizing Rule & the rule stating that profit maximization occurs when a firm chooses the quantity of output that equates marginal revenue and marginal cost, or MR = MC \tn 
% Row Count 17 (+ 8)
% Row 4
\SetRowColor{LightBackground}
Sunk Costs & unrecoverable costs that have been incurred as a result of past decisions \tn 
% Row Count 21 (+ 4)
% Row 5
\SetRowColor{white}
Signals & information conveyed by profits and losses about the profitability of various markets \tn 
% Row Count 26 (+ 5)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{{\bf{Relationships}}} \tn 
% Row Count 27 (+ 1)
% Row 7
\SetRowColor{white}
Breakeven point & lowest point on ATC curve \tn 
% Row Count 29 (+ 2)
% Row 8
\SetRowColor{LightBackground}
If MC\textgreater{}P & decrease output \tn 
% Row Count 30 (+ 1)
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{8.635 cm} x{8.635 cm} }
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\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Firms in a Competitive Market (cont)}}  \tn
% Row 9
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\mymulticolumn{2}{x{17.67cm}}{entry and exit play a crucial role in signaling where to guide resources in markets} \tn 
% Row Count 2 (+ 2)
% Row 10
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{losses signal that there are too many firms in the industry relative to market demand} \tn 
% Row Count 4 (+ 2)
% Row 11
\SetRowColor{LightBackground}
Characteristics of a competitive market & many sellers, similar products, free entry and exit, price taking, every firm is small \tn 
% Row Count 9 (+ 5)
% Row 12
\SetRowColor{white}
Calculate profit from graph & price at quantity minus ATC at quantity times quantity \tn 
% Row Count 12 (+ 3)
% Row 13
\SetRowColor{LightBackground}
when to operate versus when to shut down in terms of MR... & if MR\textgreater{}minimum ATC, then firm earns profit; if AVC\textless{}MR\textless{}ATC, then firm will operate at a loss; if MR\textless{}AVC, then the firm will shut down \tn 
% Row Count 19 (+ 7)
% Row 14
\SetRowColor{white}
when to operate versus when to shut down in the short run in terms of P... & if P\textgreater{}ATC, then firm earns profit; if ATC\textgreater{}P\textgreater{}AVC, then firm will operate to minimize loss; if P\textless{}AVC, then the firm will temporarily shut down \tn 
% Row Count 26 (+ 7)
% Row 15
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{the short-run supply curve and marginal cost curve are equivalent when the price is above the minimum point on the average variable cost curve. Below that point, the firm shuts down and no supply exists} \tn 
% Row Count 31 (+ 5)
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{17.67cm}{x{8.635 cm} x{8.635 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Firms in a Competitive Market (cont)}}  \tn
% Row 16
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\mymulticolumn{2}{x{17.67cm}}{The long-run supply curve and marginal cost curve are equivalent when the price is above the minimum point on the average total cost curve. Below that point, the firm shuts down and no supply exists.} \tn 
% Row Count 4 (+ 4)
% Row 17
\SetRowColor{white}
long-run shutdown criteria & if P\textgreater{}ATC, then the firm makes a profit; if P\textless{}ATC, then the firm will shut down \tn 
% Row Count 8 (+ 4)
% Row 18
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{The market supply is determined by summing the individual supplies of all the firms in the market} \tn 
% Row Count 10 (+ 2)
% Row 19
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{In the long run the price is equal to the minimum point on the ATC curve and the long run supply curve is horizontal} \tn 
% Row Count 13 (+ 3)
% Row 20
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{when there is a decrease in demand the price drops and and quantity drops and the firm incurs a short run loss} \tn 
% Row Count 16 (+ 3)
% Row 21
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{in the long run a decrease in demand will cause some firms to exit the market decreasing supply and shifting everything back to market equilibrium} \tn 
% Row Count 19 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{17.67cm}{x{8.635 cm} x{8.635 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Understanding Monopolies}}  \tn
% Row 0
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\mymulticolumn{2}{x{17.67cm}}{{\bf{Definitions}}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
Monopoly power & measure of a monopolist's ability to set the price of a good or service \tn 
% Row Count 5 (+ 4)
% Row 2
\SetRowColor{LightBackground}
Barriers to entry & restrictions that make it difficult for new firms to enter a market \tn 
% Row Count 9 (+ 4)
% Row 3
\SetRowColor{white}
natural monopoly & the situation that occurs when a single large firm has lower costs than any potential smaller competitor \tn 
% Row Count 15 (+ 6)
% Row 4
\SetRowColor{LightBackground}
price maker & a firm with some control over the price it charges \tn 
% Row Count 18 (+ 3)
% Row 5
\SetRowColor{white}
renk seeking & occurs when resources are used to secure monopoly rights through the political process \tn 
% Row Count 23 (+ 5)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{{\bf{Relationships}}} \tn 
% Row Count 24 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{the lowest a government can force a monopoly to charge is at the breakeven point} \tn 
% Row Count 26 (+ 2)
% Row 8
\SetRowColor{LightBackground}
Conditions to become a monopoly & unique product/service, a way to prevent competitors from entering the market \tn 
% Row Count 30 (+ 4)
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{17.67cm}{x{8.635 cm} x{8.635 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Understanding Monopolies (cont)}}  \tn
% Row 9
\SetRowColor{LightBackground}
Natural Barriers to entry & control of resources, problems raiding capital, economies of scale \tn 
% Row Count 4 (+ 4)
% Row 10
\SetRowColor{white}
government-created barriers & licensing, patents and copyright law \tn 
% Row Count 6 (+ 2)
% Row 11
\SetRowColor{LightBackground}
characteristics of monopolies & one seller, a unique product without close substitutes, high barriers to entry, price making, may earn long-run economic profits, produces less than the efficent level of output (because P\textgreater{}MC) \tn 
% Row Count 16 (+ 10)
% Row 12
\SetRowColor{white}
demand curve for competitive firm versus monopoly & competitive firm: horizontal; monopolist: downward sloping \tn 
% Row Count 19 (+ 3)
% Row 13
\SetRowColor{LightBackground}
price effect & how a lower price effects revenue \tn 
% Row Count 21 (+ 2)
% Row 14
\SetRowColor{white}
output effects & how a lower price reflects the number of consumer \tn 
% Row Count 24 (+ 3)
% Row 15
\SetRowColor{LightBackground}
profit-maximizing rule for monopolies & produce at the quantity where MC=MR but set price at where that quantity intersects the demand curve \tn 
% Row Count 29 (+ 5)
% Row 16
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calculate monopoly profit & price minus ATC times quantity \tn 
% Row Count 31 (+ 2)
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{17.67cm}{x{8.635 cm} x{8.635 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Understanding Monopolies (cont)}}  \tn
% Row 17
\SetRowColor{LightBackground}
problems with monopoly & inefficient output and price, few choices for consumers, rent seeking \tn 
% Row Count 4 (+ 4)
% Row 18
\SetRowColor{white}
solutions to the problems of monopoly & breaking up the monopoly, reducing trade barriers, regulating markets \tn 
% Row Count 8 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{17.67cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{17.67cm}}{\bf\textcolor{white}{Link to Graph Document}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{17.67cm}}{\seqsplit{https://docs.google.com/document/d/1oOCFD-5JjJpghhxC2W4pTVPwqSu4Sxxa86qszWiasNo/edit?usp=sharing}% Row Count 2 (+ 2)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}



\end{document}