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Whether a firm decides to produce in the short run depends on the relationship between price and average variable cost, but whether a firm decides to produce in the long run depends on the relationship between price and average total cost. Learn about the shut-down rule and the industry exit rule in this video.
AP(R) Microeconomics on Khan Academy: Microeconomics is the study of individual decisionmakers in an economy, such as people, households, and firms. Learn how markets work, how incentives drive decisionmaking, and how market structure influences market outcomes. We hit the traditional topics from an AP Microeconomics course, including basic economic concepts, markets, production and costs, profit maximization perfect competition, imperfectly competitive market structures, game theory, factor markets, and income inequality.
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