Changes

1. A monopsony is simply a single buyer of a good/service.

1. A monopsony is simply a single buyer of a good/service.

2. A "production possibilities curve" shows the amount of production possible for Good A when the production of Good B is raised or lowered.  

2. A "production possibilities curve" shows the amount of production possible for Good A when the production of Good B is increased or decreased.

3. When the demand the public has for a good a company is producing increases or decreases, the demand that the company has for the labor that produces that good increases or decreases accordingly.

3. When the demand the public has for a good a company is producing increases or decreases, the demand that the company has for the labor that produces that good increases or decreases accordingly.

5.  

5.  

6. AFC stands for the Average Fixed Cost - it is the amount of money that is used when the total output is 0, AVC stands for Average Variable Cost - it is the amount a company must pay when the production output is varied, it consists of the money to pay for materials, costs to run the factory, and labor, ATC stands for Average Total Cost which is the Average Fixed Cost + the Average Variable Cost.

6. AFC stands for the Average Fixed Cost - it is the amount of money that a company pays when the total output is 0, AVC stands for Average Variable Cost - it is the amount a company must pay when the production output is varied, it consists of the money to pay for materials, costs to run the factory, labor, etc., ATC stands for Average Total Cost which is the Average Fixed Cost + the Average Variable Cost.

7. An improvement in technology or an increase in capital and workers is needed to shift the production possibilities curve outward.

7. An improvement in technology or an increase in capital and workers is needed to shift the production possibilities curve outward.