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9 Cards in this Set
- Front
- Back
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Revenue |
Receipts from Sales |
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Total Revenue |
Quantity x Price |
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Price Taker |
A firm in a competitive market that has to accept the market price |
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Price Maker |
A firm that has control over the market price |
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Average Revenue |
Total Revenue / Quantity |
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Marginal Revenue |
Addition to total revenue from one additional sale |
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Short Run |
Time period when a firm is unable to change factors of production but one |
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Long Run |
Time period when all factor inputs can be change |
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Minimum efficient scale |
The lowest level of output where long run average cost is minimised. |
