Glossary Category: Economics - Page 20 - 3auk

specific tax

A specific tax (also known as a unit tax) is a fixed amount of money charged for every

Revenue maximisation is a business strategy where a company focuses on generating the highest possible total revenue (TR)

Sales maximisation is a business strategy where managers try to increase total revenue and market share rather than

The firm survival objective is the goal of keeping a business running during difficult times. When a company

Average total cost (ATC) represents the cost to produce a single unit of output. It is calculated by

Total cost (TC) is the complete amount of money a business spends to produce a specific amount of

The kinked demand curve model explains why prices in an oligopolistic market (a market with few large sellers)

PED and firm revenue explains how a company’s total revenue (TR) changes when it adjusts the price of

The kinked demand curve explains how companies in an oligopoly (a market with few large sellers) react to

Price leadership happens when one company in an oligopoly (a market with very few sellers) sets or changes