Studied by 3 peoplePerfect competition
________ is a type of market that has several distinguishing characteristics: identical products, complete information, many buyers and sellers, and easy entry and exit from the market.
monopoly
A(n) ________ is a market with only one seller of a good or service.
Barriers to entry
are obstructions that make it difficult for new firms to enter a market.
Total revenue
________ is the amount of money earned when a supplier sells a given quantity of a good.
Profit
________ is the difference between a firms total revenue and its total cost.
Antitrust laws
________ are laws that promote competition between businesses and prohibit anti- competitive behaviour by firms with large control over markets.
Normal profit
________ is the profit that business owners could earn if they applied their resources and skills in their next best business alternative.
The profit maximizing output level for a firm occurs where
MR (Marginal revenue)= MC (Marginal cost)
profit maximizing level of output
The ________ produced by a monopoly is lower than what would be produced by a competitive firm.
Marginal revenue
________ is the change in total revenue earned when an additional unit of output is produced and sold.
distinguishing characteristics of a perfect competition market
identical products, complete information, many buyers and sellers, and easy entry and exit from the market
Note 
Flashcard (44)