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Market systems

Microeconomics

TermDefinition
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
Created by: Ryanalvarez87
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