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7 Cards in this Set
- Front
- Back
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Perfect Competition |
A market in which there are multiple firms, each selling an identical product; many buyers; no barriers to the entry of new firms into the industry; no advantage to established firms; and buyers and sellers are well-informed about prices. |
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Monopoly |
A market in which one firm sells a good or service that has no close substitutes and a barrier blocks the entry of new firms. |
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Monopolistic competition |
A market in which a large number of firms compete by making similar but slightly different products. |
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Oligopoly |
A market in which a small number of interdependent firms compete. |
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Price Taker |
A firm that cannot influence the price of a good or service that it produces |
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Marginal Revenue |
The change in total revenue that results from a one-unit increase in the quantity sold. |
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Shutdown point |
The point at which price equals minimum average variable cost and the quantity produced is that at which average variable cost is at its minimum |
