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7 Cards in this Set
- Front
- Back
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Revenue is the________
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financial capital/monetary income a firm receives from selling its output
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Perfect competition has
-_____________ -_____________ -_____________ -_____________ -_____________ -_____________ |
-Many buyers + sellers
-Perfect knowledge -Limitless trade at market price -No influence on market price -HOMOGENEOUS GOODS -NO BARRIERS TO ENTRY or EXIT |
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Monopolistic competition
__________- |
-MANY buyers/ sellers
-Goods differentiation -Imperfect competition |
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Oligopoly has
-_______________ -_______________ |
-FEW MUTUALLY INTERDEPENDENT FIRMS
-Game theory -Imperfect competition among the few |
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TR = __________
= _________ _ _________ |
TR = Total revenue = total money received from sale of output
= price * quantity sold |
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AR= __________
= _____ - ______ |
AR = Average revenue = Average receipts per unit sold.
= total revenue / quantity sold |
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MR=
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CHANGE from one extra unit.
change TR/Q |
