- Shuffle
Toggle OnToggle Off
- Alphabetize
Toggle OnToggle Off
- Front First
Toggle OnToggle Off
- Both Sides
Toggle OnToggle Off
Front
How to study your flashcards.
Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key
Up/Down arrow keys: Flip the card between the front and back.down keyup key
H key: Show hint (3rd side).h key
PLAY BUTTON
PLAY BUTTON
10 Cards in this Set
- Front
- Back
|
Profit maximisation
|
The level of output where TR is furthest apart from TC. Occurs where MR = MC.
|
|
Revenue maximisation
|
The level of output where the TR curve is flat. Occurs where MR = 0.
|
|
Sales maximisation
|
The highest level of output that can be attained without incurring a loss. Occurs where TR = TC, or AR = AC.
|
|
Cost-plus pricing
|
Where price is set at average cost plus a certain percentage mark-up.
|
|
Predatory pricing
|
Where P < AVC, in order to eliminate existing competition in the market.
|
|
Limit pricing
|
Where price is set below the AC of potential rivals, in order to prevent new firms entering the market.
|
|
Non-price competition
|
Where the firm aims to attract new customers through branding, quality and innovation.
|
|
Cartel
|
A formal agreement between two or more firms to fix prices and / or output, thereby avoiding a price war.
|
|
Collusion
|
A secret and informal agreement between two or more firms to fix prices and / or output, thereby avoiding a price war.
|
|
Tacit collusion
|
Where firms refrain from price competition, but without any communication or formal agreement.
|
