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\author{egomezc}
\pdfinfo{
  /Title (theory-of-the-firm-ib.pdf)
  /Creator (Cheatography)
  /Author (egomezc)
  /Subject (Theory of the firm IB Cheat Sheet)
}

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        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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\begin{tabulary}{11cm}{L}
    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Theory of the firm IB Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{egomezc} via \textcolor{DarkBackground}{\uline{cheatography.com/146282/cs/31611/}}}
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}egomezc \\
  \uline{cheatography.com/egomezc} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 10th April, 2022.\\
   Updated 10th April, 2022.\\
   Page {\thepage} of \pageref{LastPage}.
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  %\includegraphics[width=48px,height=48px]{dave.jpeg}
  Measure your website readability!\\
  www.readability-score.com
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\begin{multicols*}{2}

\begin{tabularx}{8.4cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Main equations}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Profit maximization → MR = MC} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{Normal profit → AR = AC} \tn 
% Row Count 2 (+ 1)
% Row 2
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\mymulticolumn{1}{x{8.4cm}}{Supernormal profit → AR \textgreater{} AC} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{Economic losses → AR \textless{} AC} \tn 
% Row Count 4 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Revenue maximization → MR = 0} \tn 
% Row Count 5 (+ 1)
% Row 5
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\mymulticolumn{1}{x{8.4cm}}{Productive efficiency → MC = AC} \tn 
% Row Count 6 (+ 1)
% Row 6
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\mymulticolumn{1}{x{8.4cm}}{Allocative efficiency → MC = AR} \tn 
% Row Count 7 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{8.4cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Perfect competition}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Perfect competition markets are those in which each firm has a small market share, They are powerless to determine price and they charge prices that are set by the market} \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{{\bf{CHARACTERISTICS}}} \tn 
% Row Count 5 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{many buyers and sellers} \tn 
% Row Count 6 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{Freedom of entry and exit} \tn 
% Row Count 7 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Perfect knowledge} \tn 
% Row Count 8 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{Homogeneous products} \tn 
% Row Count 9 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Profit maximization} \tn 
% Row Count 10 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{Firms are price takers} \tn 
% Row Count 11 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{{\bf{MAIN TERMS}}} \tn 
% Row Count 12 (+ 1)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{{\bf{Marginal cost}}: cost added by producing 1 extra unit of a product} \tn 
% Row Count 14 (+ 2)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{{\bf{Average cost}}: the average cost of each unit} \tn 
% Row Count 15 (+ 1)
% Row 11
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\mymulticolumn{1}{x{8.4cm}}{{\bf{Average revenue}}: the revenue gained per unit sold} \tn 
% Row Count 17 (+ 2)
% Row 12
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\mymulticolumn{1}{x{8.4cm}}{{\bf{Marginal revenue}}: increase in revenue from the sale of one extra unit} \tn 
% Row Count 19 (+ 2)
% Row 13
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\mymulticolumn{1}{x{8.4cm}}{{\bf{short run}}} \tn 
% Row Count 20 (+ 1)
% Row 14
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\mymulticolumn{1}{x{8.4cm}}{{\bf{long run}}} \tn 
% Row Count 21 (+ 1)
% Row 15
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{{\bf{Profit maximization}}: earn maximum profit with low costs} \tn 
% Row Count 23 (+ 2)
% Row 16
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\mymulticolumn{1}{x{8.4cm}}{{\bf{normal profit}}: difference between total revenue and costs are equal to zero} \tn 
% Row Count 25 (+ 2)
% Row 17
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\mymulticolumn{1}{x{8.4cm}}{{\bf{Supernormal profits}}: excess profit a firm makes above the minimum return necessary} \tn 
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% Row 18
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\mymulticolumn{1}{x{8.4cm}}{{\bf{Economic loss}}: circumstances when individual or firm loses money} \tn 
% Row Count 29 (+ 2)
% Row 19
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{{\bf{Revenue max}}: firm attempts to sell at a price that achieves the highest sales revenue} \tn 
% Row Count 31 (+ 2)
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\vfill
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\begin{tabularx}{8.4cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Perfect competition (cont)}}  \tn
% Row 20
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\mymulticolumn{1}{x{8.4cm}}{{\bf{Productive efficiency}}: economy cant produce more of a good without sacrificing another good} \tn 
% Row Count 2 (+ 2)
% Row 21
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\mymulticolumn{1}{x{8.4cm}}{{\bf{Allocative efficiency}}: all goods and services are optimally distributed among buyers} \tn 
% Row Count 4 (+ 2)
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\begin{tabularx}{8.4cm}{X}
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\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Monopolistic competition}}  \tn
% Row 0
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\mymulticolumn{1}{x{8.4cm}}{Structure with many small firms selling similar products} \tn 
% Row Count 2 (+ 2)
% Row 1
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% Row Count 3 (+ 1)
% Row 2
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\mymulticolumn{1}{x{8.4cm}}{Large amount of small firms} \tn 
% Row Count 4 (+ 1)
% Row 3
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\mymulticolumn{1}{x{8.4cm}}{No barriers} \tn 
% Row Count 5 (+ 1)
% Row 4
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\mymulticolumn{1}{x{8.4cm}}{Large number of buyers and sellers} \tn 
% Row Count 6 (+ 1)
% Row 5
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\mymulticolumn{1}{x{8.4cm}}{Product differentiation} \tn 
% Row Count 7 (+ 1)
% Row 6
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\mymulticolumn{1}{x{8.4cm}}{Each firm has the same ability to set prices} \tn 
% Row Count 8 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\begin{tabularx}{8.4cm}{X}
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\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Monopoly}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Monopolies are an extreme consequence of free-market economics and are often used to identify an individual that has complete or near-complete dominance of a market} \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{{\bf{CHARACTERISTICS}}} \tn 
% Row Count 5 (+ 1)
% Row 2
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\mymulticolumn{1}{x{8.4cm}}{unfair edge over their competitors} \tn 
% Row Count 6 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{High barriers to entry} \tn 
% Row Count 7 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Price makers} \tn 
% Row Count 8 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{Economies of scale} \tn 
% Row Count 9 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{{\bf{ASSUMPTIONS}}} \tn 
% Row Count 10 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{One dominant firm} \tn 
% Row Count 11 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Unique products with no close substitutes} \tn 
% Row Count 12 (+ 1)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{High barriers} \tn 
% Row Count 13 (+ 1)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Price makers} \tn 
% Row Count 14 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{Economies of scale} \tn 
% Row Count 15 (+ 1)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{{\bf{CAUSES OF HIGH BARRIERS}}} \tn 
% Row Count 16 (+ 1)
% Row 13
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{Economies of scale} \tn 
% Row Count 17 (+ 1)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Legal barriers (patents, copyright, licenses)} \tn 
% Row Count 18 (+ 1)
% Row 15
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{Control of resources} \tn 
% Row Count 19 (+ 1)
% Row 16
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Aggressive tactics} \tn 
% Row Count 20 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

\begin{tabularx}{8.4cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Risks of one or few dominant firms}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{lack of competition} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{Rigid prices} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Higher prices} \tn 
% Row Count 3 (+ 1)
% Row 3
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\mymulticolumn{1}{x{8.4cm}}{Reduced output} \tn 
% Row Count 4 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Reduced options for consumers} \tn 
% Row Count 5 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

\begin{tabularx}{8.4cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Oligopolies}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Market structure with small amount of firms and where each firm is interdependent, creating uncertainty} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{{\bf{ASSUMPTIONS}}} \tn 
% Row Count 4 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Few dominant firms} \tn 
% Row Count 5 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{Interdependent firms} \tn 
% Row Count 6 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Homogeneous or differentiated products} \tn 
% Row Count 7 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{High barriers} \tn 
% Row Count 8 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Firms set prices} \tn 
% Row Count 9 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{{\bf{PRICE COMPETITION}}} \tn 
% Row Count 10 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Firms in oligopolistic competition participate in various price competitiveness strategies} \tn 
% Row Count 12 (+ 2)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{price wars} \tn 
% Row Count 13 (+ 1)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Predatory pricing} \tn 
% Row Count 14 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{Limit pricing} \tn 
% Row Count 15 (+ 1)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{{\bf{NON PRICE COMPETITION}}} \tn 
% Row Count 16 (+ 1)
% Row 13
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{Increase consumer appetite and develop brand loyalty} \tn 
% Row Count 18 (+ 2)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{{\bf{COLLUSIVE VS NON COLLUSIVE}}} \tn 
% Row Count 19 (+ 1)
% Row 15
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{{\bf{collusive}}: agreement between firms to limit competition by restrictive trade practices;} \tn 
% Row Count 21 (+ 2)
% Row 16
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{{\bf{Non collusive}}: These do not collude and act independently but are aware of other firms prices but not others decisions} \tn 
% Row Count 24 (+ 3)
% Row 17
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{{\bf{FORMS OF COLLUSION}}} \tn 
% Row Count 25 (+ 1)
% Row 18
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{{\bf{Cartels}}: An agreement between oligopolistic firms in the same industry to collude in fixing prices or to restrict the level of output in the market, thereby effectively acting as a monopolist.} \tn 
% Row Count 29 (+ 4)
% Row 19
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{{\bf{Informal collusion}}: Smaller firms could collude by following prices of larger firms. This limits competition and sets high prices} \tn 
% Row Count 32 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

\begin{tabularx}{8.4cm}{X}
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\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Game theory}}  \tn
\SetRowColor{LightBackground}
\mymulticolumn{1}{p{8.4cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/egomezc_1649623606_Screen Shot 2022-04-10 at 3.46.29 PM.png}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{What a firm does if the other firm changes the price}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

\begin{tabularx}{8.4cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Kinked demand curve (non collusive)}}  \tn
\SetRowColor{LightBackground}
\mymulticolumn{1}{p{8.4cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/egomezc_1649623661_Screen Shot 2022-04-10 at 3.47.19 PM.png}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{This model assumes that there will be intervals of relative price stabilization under inflation. Firms will not follow if prices rise}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

\begin{tabularx}{8.4cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Government intervention to market power abuse}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{{\bf{Legislation}}: used to prohibit things such as takeovers or mergers that can occur among firms which would end up giving one firm more than a certain percentage of the market share.} \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{{\bf{Regulation}}: markets setting up anti-monopoly commissions with the purpose of investigating markets and ensure that monopoly power is not being used against public interests} \tn 
% Row Count 8 (+ 4)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{{\bf{Nationalization}}. when a government takes control of a private sector industry in order to run it as part of the public sector for the best interests of the public} \tn 
% Row Count 12 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{8.4cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Rational producer behaviour - profit max}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{{\bf{Profit maximization}} refers to the level at which a firm will produce the greatest amount of profit this is the output level at which marginal costs equal marginal revenue.} \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{{\bf{EQUATIONS}}} \tn 
% Row Count 5 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{TR - TC → Profit is maximum at the level of output where TR - TC is greatest} \tn 
% Row Count 7 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{MR = MC → Profit is maximum at the level of output where MR = MC.} \tn 
% Row Count 9 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Abnormal profit → AR \textgreater{} AC} \tn 
% Row Count 10 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{Normal profit → AR = AC} \tn 
% Row Count 11 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Losses → AR \textless{} AC} \tn 
% Row Count 12 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{8.4cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Degrees of market power}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{{\bf{Market power}} refers to the ability a firm has to increase its profits by setting a price that is higher than the marginal cost.} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{{\bf{Degree of market power}}: The degree to which an individual firm is able to set prices will determine how competitive the market is} \tn 
% Row Count 6 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{**ADVANTAGES OF LARGE MARKET POWER} \tn 
% Row Count 7 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{Economies of scale and investment} \tn 
% Row Count 8 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Research and development and innovation} \tn 
% Row Count 9 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{8.4cm}}{The natural monopoly justification} \tn 
% Row Count 10 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{8.4cm}}{Monopolistic corporations as agents of common good} \tn 
% Row Count 11 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}