Changes

*deadweight loss: the lost consumer surplus AND (in the case of a tax) the lost producer surplus

*deadweight loss: the lost consumer surplus AND (in the case of a tax) the lost producer surplus

*optimal market price:  where supply meets demand, or (for a monopolist that has no supply curve) where MC intersects demand curve (MC=P)

*optimal market price:  where supply meets demand, or (for a monopolist that has no supply curve) where MC intersects demand curve (MC=P)

*comparing price and curves for ATC, AVC and MC, and realizing that maximum profits occur when MC=P; the firm shuts down in the long run when ATC>P; and the firm shuts down in the short run when AVC>P, but keeps operating in the short run when AVC<P but ATC>P

*comparing price and curves for ATC, AVC and MC, and realizing that maximum profits occur when MC=P; the firm shuts down in the long run when ATC>P; and the firm shuts down in the short run when AVC>P, but keeps operating in the short run when AVC<P but P<ATC

<add: Lorenz curve - an obscure topic on CLEP worth one question>

<add: Lorenz curve - an obscure topic on CLEP worth one question>