Accepted shortcuts for AP Micro test (these are the things the exam scorers would recognize and don’t need any other explanation from you):
· Use arrows for direction of movement (up arrow for up, etc)
· P = Price
· Q = Quantity
· D = Demand
· QD = Quantity Demanded
· S = Supply
· QS = Quantity Supplied
· Eq. = Equilibrium
· CS = Consumer Surplus
· PS = Producer Surplus
· DWL = Deadweight Loss
· MC = Marginal Cost
· FC = Fixed Cost
· TC = Total Cost
· VC = Variable Cost
· ATC = Average Total Cost
· AVC = Average Variable Cost
· AFC = Average Fixed Cost
· AR = Average Revenue
· MR = Marginal Revenue
Do NOT use:
· PC for perfect competition (use perf. comp.)
· MC for monopolistic competition (never NEVEREVEREVER – MC is marginal cost, not monopolistic competition) (use mon. comp.)
· M for monopoly (use mon.)
· O for oligopoly (use oli.)
5 comments:
ok so im leaving two more comments from Monday, today. i am sorry they are late maybe you could take them for like half or something?
GOOD LUCK EVERYONE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Sleep well and eat healthy food in the morning. I will be there to cheer you all on before!
ahhhh i'm so SCARED!
haha, as i'm trying to review i keep using econ terms in normal conversations with family and friends and getting very blank looks. opportunity cost is a good one to throw into conversations, and i've also been talking a lot about which type of market whatever we're talking about is. eg: oooh, we're eating asparagus, that's perfectly competitive!
i feel like such a geek.
Econ geeks! That could be t-shirt worthy. :)
Good luck to all of you! Eat some lunch! Take a breather!
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