Safari File Edit View History Bookmarks Window Help 0 Q g Tue Oct 24 8:06 PM Low Battery Your Mac will sleep soon unless plugged into a power outlet. Microeconomics 2nd Study Guide *explicit and implicit costs economic profit diminishing returns *marginal product, total product, average product *total variable cost, average variable cost *total cost, average total cost *total revenue *total fixed cost, average fixed cost *marginal cost demand for the perfectly competitive firm *marginal revenue for the perfectly competitive firm *profit maximization for the perfectly competitive firm short run supply curve for the perfectly competitive firm *shut down point *profit and loss *supply in perfectly competitive market *equilibrium in perfectly competitive market *long run equilibrium in perfectly competitive market *difference between long run and short run *entry and exit in long run in perfectly competitive industry *perfect competition and productive and allocationficiency in long run