Change:  or loss is minimized.Q: Will production result in economic profit? A: Yes, ifIf price exceeds average total cost (TR will exceed TC).TC), No,there ifwill be economic profit. If average total cost exceeds price (TC will exceed TR).TR), there will not.   View changes from previous version. (Word count: 428)

Change:  Yes, if price is equal to, or greater than, minimum average variable cost. This means that the firm is profitable or that its losses are less than its fixed cost.Q: What Quantity should this firm produce?A: Produce where MR (=P) = MC;   View changes from previous version. (Word count: 422)

Change: Equilibrium price is determined by total, or market, supply and total demand. Market price and profits Equilibrium price: quantity supplied = quantity demanded Firm's econ. profit/loss = TR - TC = (equilibrium price × equilibrium quantity) – TC= (equilibrium price – ATC) × equilibrium quantity Industry econ.   View changes from previous version. (Word count: 271)

Change: the supply curve up and left (indicating a decrease in supply as the cost of resources goes up).Similarly, when AVC decreases (i.e. when technological progress upwardincreases the shiftproductivity of labor), MC is reduced and the supply curve is shifted down and right, representing an increase in supply.   View changes from previous version. (Word count: 253)

Change: There were only format changes (bold, italics, etc.) in this version. See this version for details. (Word count: 168)

Change: If P = min. AVC → quantity supplied just covers TVC; loss = TFC (firm indifferent)Quantity supplied = 0 at any price below min. AVCPortion of firm’s MC curve lying above AVC curve = short-run supply curveDiminishing returns, production costs, product supplyLaw of diminishing   View changes from previous version. (Word count: 144)