Changes

Wow, Daniel, Sharon beat me to this!  She is exactly right.  Here is what I prepared in response to your superb question:

Wow, Daniel, Sharon beat me to this!  She is exactly right.  Here is what I prepared in response to your superb question:

: A monopoly shuts down in the short run as long as average variable cost (AVC) is greater than the price: AVC > P.  That is because the firm loses money for every good it sells.

: A monopoly shuts down in the short run as long as average variable cost (AVC) is greater than the price: AVC > P.  That is because the firm loses money for every additional good it sells.

: A monopoly shuts down in the long run if when average total cost (ATC) is greater than the price:  ATC > P.  That is because there is nothing the company can do in the long run to become profitable.  There is no hope.--[[User:Aschlafly|Aschlafly]] 16:24, 23 May 2007 (EDT)

: A monopoly shuts down in the long run if when average total cost (ATC) is greater than the price:  ATC > P.  That is because there is nothing the company can do in the long run to become profitable.  There is no hope.--[[User:Aschlafly|Aschlafly]] 16:24, 23 May 2007 (EDT)

== Questions on Week 12 ==

== Questions on Week 12 ==