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Economics Ch. 8 Term
Key Terms
| Question | Answer |
|---|---|
| Pure competition | market structure in which a very large number of firms sells a standardized product into which entry is very easy in which the individual seller has no control over the product price and in which there is no nonprice competition |
| Pure Monopoly | market structure in which one firm sells a unique product into which entry is blocked in which the single firm has considerable control over product price |
| Monopolistic Competition | market structure in which many firms sell a differentiated product into which entru is relatively easy in which the firm has some control over its product price |
| Oligopoly | market structure in which a few firms sell either a standardized or differentiated product into which entry is difficult in which the firm has limited control over product price because of mutual independence |
| Imperfect competition | All market structures except pure competition |
| Price Taker | A seller (or buyer) that is unable to affect the price at which a product or resource sells by changing the amount it sells (or buys) |
| Break-Even Point | Any output at which a firm makes a normal profit (total revenue=total cost) but not an economic profit |
| MR=MC Rule | Prinicple that a firm will maximize its profit by producing the output at which marginal revenue and marginal cost are equal |
Created by:
abreus1
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