Studied by 1 personEconomic profit
________ is positive, so firms will enter the market.
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.
monopoly
A(n) ________ is a single firm that serves the entire market.
total revenue
Operate if ________ is greater than variable cost.
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.
competitive market
A perfectly ________ is a market with many sellers and buyers of a homogeneous product and no barriers to entry.
perfectly competitive market
A ____________________ is a market with many sellers and buyers of a homogeneous product and no barriers to entry.
price taker
A _____________ is a buyer or seller that takes the market price given.
constant-cost industry
A _______________ is an industry in which the average cost of production is constant; the long-run supply curve is horizontal.
Marginal revenue
_____________ is the change in total revenue from selling one or more units of output.
Note
Flashcard