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6 Cards in this Set
- Front
- Back
Competitive Market
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A market with many buyers and sellers trading identical products so that each buyer and seller is a price taker.
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Average Revenue
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Total revenue divided by the quantity sold
TR/Q |
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Total Revenue
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Price x Quantity
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Marginal Revenue
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The change in total revenue from an additional unit sold
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Change in Profit
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Marginal Revenue - Marginal Cost
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Sunk Cost
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A cost that has already been committed and cannot be recovered
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