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4 Cards in this Set
- Front
- Back
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A market structure in which there are many competing producers in an industry, each producer sells a differentiated product, and there is free entry and exit into and from the industry in the long run. |
Monopolistic Competition |
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An economic balance in which each firm makes zero profit as its maximizing quantity. |
Zero-profit Equilibrium |
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A failure to produce enough to minimize average total cost; characteristic of monopolistic competitive firms. |
Excess Capacity |
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A name owned by a particular firm that distinguishes its products from those of their firms. |
Brand Name |
