Economies of scale and profit and loss GapFill

 Internal economies of scaleExternal economies of scaleInternal diseconomies External diseconomies  are lower-cost saving advantages enjoyed by a single firm as that firm grows in size. As a firm continues to grow beyond its optimal size it will experience  diseconomies of scalelosses economies of scalesupernormal profits . The   maximumhighestminimumlowest point of the long-run average cost curve is called  satiation point break-even point shutdown point minimum efficient scale . The condition for profit   earning minimisation sharing maximisation is when marginal revenue is equal to  fixed costs total costsaverage costsmarginal costs.   Normal profit Subnormal profit LossSupernormal profit occurs when the difference between a company’s total revenue is equal to total   accounting implicit economic explicit costs. A firm in   oligopoly perfect competition monopolistic competition monopoly will shut down operations when it fails to cover its   fixedaveragetotalvariable costs.