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6 Cards in this Set
- Front
- Back
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refers to the number and relative size of the firms in a particular market
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market structure
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refers to the ability of a single firm to alter the market price of a product
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market power
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perfectly competitive firms have no---------
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market power
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never produce a unit of out put that costs more than it brings in
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the profit maximization rule
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the additional cost associated with producing an additional unit of output
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marginal cost
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marginal cost is the -------necessary to induce production by a firm
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minimum price
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