Chapter 24 - Perfect Competition
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Last updated 7:47 PM on 5/5/22
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10 Terms
1
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Economic profit
________ is positive, so firms will enter the market.
2
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monopolist competition
A(n) ________ is where there are no barriers to entering the market, so there are many firms, and each firm sells a slightly different product.
3
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monopoly
A(n) ________ is a single firm that serves the entire market.
4
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total revenue
Operate if ________ is greater than variable cost.
5
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long run supply curve
The ________ is relatively flat because firms enter the industry and build new factories, so there are no diminishing returns to increase production costs.
6
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competitive market
A perfectly ________ is a market with many sellers and buyers of a homogeneous product and no barriers to entry.
7
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perfectly competitive market
A ____________________ is a market with many sellers and buyers of a homogeneous product and no barriers to entry.
8
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price taker
A _____________ is a buyer or seller that takes the market price given.
9
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constant-cost industry
A _______________ is an industry in which the average cost of production is constant; the long-run supply curve is horizontal.
10
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Marginal revenue
_____________ is the change in total revenue from selling one or more units of output.
