Change: mininumminimum loss output level Total-revenue-total-cost approach Marginal-revenue-marginal-cost approach Both apply to pure competition, pure monopoly, monopolistic competition, oligopolyTotal-revenue-total-cost approach Should we produce this product? Profit → Yes; Loss→ No In what amount? Output level where economic profit is maximized TR– TC = (P   View changes from previous version. (Word count: 262)

Change:  equal, meaning the firm is now only earning a normal profit. The exact point in which profit is maximized is difficult to pinpoint from inspection, which is why the MR=MC method is stronger.The reason why a profit-max point can be found is due to the law of diminishing returns.   View changes from previous version. (Word count: 262)

Change: producing at this level of output, because more profits couldcan still be made! At break even point 2: STOP PRODUCING! or REDUCE the quantity producing! TR and TC are equal, meaning the firm is now only earning a normal profit. The exact point in   View changes from previous version. (Word count: 239)

Change:  At break even point 2: STOP PRODUCING! or REDUCE the quantity producing! TR and TC are equal, meaning the firm is now only earning a normal profit. The exact point in which profit is maximized is difficult to pinpoint from inspection, which is why the MR=MC method is stronger.   View changes from previous version. (Word count: 231)

Change: the vertical distance between TR and TC is at its greatest, meaning the firm is earning maximum economic profits, industry should keep producing, because more profits could still be made! At break even point 2: STOP PRODUCING! or REDUCE the quantity producing! TR and TC are   View changes from previous version. (Word count: 197)

Change: There were only format changes (bold, italics, etc.) in this version. See this version for details. (Word count: 128)

Change: Created by welkerjason Oct 20 2007, 11:28 PM EDT for: no reason given