Economies of scope refer to cost savings that a firm experiences by producing a variety of products. These savings arise when the production of one good reduces the cost of producing another related good, often due to shared resources, technologies, or distribution channels.

A Nash Equilibrium occurs when players choose strategies such that no player can benefit by unilaterally changing their strategy. At this equilibrium, each player's strategy is optimal given the strategies of all other players, leading to no incentive for any player to deviate.

The kinked demand curve model is used to explain why prices in oligopoly markets tend to be rigid. The model suggests that firms are reluctant to change prices because they expect competitors to match price decreases but not price increases, leading to a kink in the demand curve and resulting in price stability.

According to the Modigliani-Miller theorem without taxes, in an efficient market, the value of a firm is unaffected by its capital structure. The theorem posits that the firm's value is determined by its operating income and the risk of its underlying assets, not by how it is financed.

Price skimming involves setting a high initial price for a new or innovative product to capture the maximum consumer surplus from segments of the market willing to pay the higher price. As these segments are exhausted, the price is gradually lowered to attract more price-sensitive customers.

Economies of scale occur when a firm's per-unit costs decrease as production increases. One way this can happen is through bulk purchasing of raw materials at a discounted rate, which reduces the average cost of inputs and contributes to lower overall production costs.

A monopolist maximizes profit by producing the output level where marginal revenue (MR) equals marginal cost (MC). At this point, the additional revenue from selling one more unit equals the additional cost of producing that unit, maximizing the firm's profit.

In the long run, a perfectly competitive firm will produce at the point where marginal cost (MC) equals average total cost (ATC), and this is also where MC equals marginal revenue (MR). At this point, the firm is making normal profit (zero economic profit), as any deviation would prompt market entry or exit, driving profits to zero.

A firm should continue producing in the short run if its total revenue covers variable costs. This is because, in the short run, fixed costs are sunk and must be paid regardless of production. If the firm can cover its variable costs, it minimizes its losses by contributing to fixed costs.

Price discrimination allows a firm to charge different prices to different customers based on their willingness to pay. By doing so, the firm can capture more consumer surplus and convert it into additional revenue, thereby maximizing its overall revenue.