Economics
Revenue structure: Why does the demand curve facing each individual producer (firm) normally slope downward?
- Revenue structure: Why does marginal revenue for an individual producer normally decline as output (sales) increases?
- Profit maximization: Explain why profit maximization for an individual firm normally occurs at the quantity output that equates marginal cost and marginal revenue.
- Adjustment mechanism: What is likely to occur if the typical firm in an industry receives economic profits, and why?
- Supply Equilibrium: What is meant by equilibrium on the supply side?
