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TOPIC 7 : MARKET STRUCTURE - Coggle Diagram
TOPIC 7 : MARKET STRUCTURE
PERFECT COMPETITION
SHUT DOWN POINT
DEFINITION
SHORT RUN EQUILIBRIUM
SUBNORMAL PROFIT
TOTAL REVENUE < TOTAL COST
NORMAL PROFIT
TOTAL REVENUE = TOTAL COST
SUPERNORMAL PROFIT
TOTAL REVENUE > TOTAL COST
CHARACTERISTICS
PROFIT MAXIMIZATION
TOTAL APPROACH
TOTAL REVENUE - TOTAL COST
MARGINAL APPROACH
MARGINAL REVENUE = MARGINAL COST
DEMAND CURVE, REVENUE & COST
LONG RUN EQUILIBRIUM
NORMAL PROFIT
MONOPOLY
SHUT DOWN POINT
PROFIT MAXIMIZATION
MARGINAL APPROACH
MARGINAL REVENUE = MARGINAL COST
TOTAL APPROACH
TOTAL REVENUE - TOTAL COST
SHORT RUN EQUILIBRIUM
SUPERNORMAL PROFIT
TOTAL REVENUE > TOTAL COST
NORMAL PROFIT
TOTAL REVENUE = TOTAL COST
SUBNORMAL PROFIT
TOTAL REVENUE < TOTAL COST
DEMAND CURVE, REVENUE & COST
COMPARISON BETWEEN PERFECT COMPETITION VS MONOPOLY
CHARACTERISTICS
LONG RUN EQUILIBRIUM
SUPERNORMAL PROFIT
DEFINITION
MONOPOLISTIC COMPETITION
PROFIT MAXIMIZATION
TOTAL APPROACH
TOTAL REVENUE = TOTAL COST
MARGINAL APPROACH
MARGINAL REVENUE = MARGINAL COST
SHORT RUN EQUILIBRIUM
SUPERNORMAL PROFIT
TOTAL REVENUE > TOTAL COST
NORMAL PROFIT
TOTAL REVENUE = TOTAL COST
SUBNORMAL PROFIT
TOTAL REVENUE < TOTAL COST
DEMAND CURVE, REVENUE & COST
SHUT DOWN POINT
CHARACTERISTICS
LONG RUN EQUILIBRIUM
NORMAL PROFIT
DEFINITION