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Microeconomics

Chapter 11

TermDefinition
Price-maker A firm conscious of the fact that its own activity in the market affects price. The firm has the ability to choose among combinations of price and output.
Economic Profit A firm's total revenue minus its total explicit and implicit costs.
Normal Profit The entrepreneur's opportunity cost. It is equal to or greater than the income an entrepreneur could receive employing his or her resources elsewhere. Normal profit is included in the firm's cost.
Price-taker A firm that views market price as a given and considers any activity on its own part as having no influence on that price.
Created by: boylel13
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