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Market systems
Microeconomics
Term | Definition |
---|---|
Monopoly | the exclusive possession or control of the supply or trade in a commodity or service |
profit maximization point | In economics, profit maximization is the short run or long run process by which a firm determines the price and output level that returns the greatest profit |
breakeven point | Break-even is the point of balance between making either a profit or a loss |
the production function | In economics, a production function relates physical output of a production process to physical inputs or factors of production |
total revenue | Total revenue is the total receipts of a firm from the sale of any given quantity of a product. It can be calculated as the selling price of the firm's product times the quantity sold |
barriers to entry | In theories of competition in economics, barriers to entry, also known as barrier to entry, are obstacles that make it difficult to enter a given market |
perfect competition | the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers |