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Chapter 8 & 9

QuestionAnswer
break even point level of output where the marginal cost curve intersects the average cost curve at the minimum point of AC; if the price is at this point, the firm is earning zero economic profits
entry the long-run process of firms entering an industry in response to industry profits
exit the long-run process of firms reducing production and shutting down in response to industry losses
long-run equilibrium where all firms earn zero economic profits producing the output level where P = MR = MC and P = AC
marginal revenue the additional revenue gained from selling one more unit
market structure the conditions in an industry, such as number of sellers, how easy or difficult it is for a new firm to enter, and the type of product that are sold
perfect competition each firm faces many competitors that sell identical products
price taker a firm in a perfectly competitive market that must take the prevailing market price as given
shutdown point level of output where the marginal cost curve intersects the average variable cost curve at the minimum point of AVC; if the price is below the point, the firm should shut down immediately
allocative efficiency producing the optimal quantity of some output; the quantity where the marginal benefit to society of one more unit just equals the marginal cost
barriers to entry the legal, technological, or market forces that may discourage or prevent potential competitors from entering a market
copyright a form of legal protection to prevent copying, for commercial purposes, original works of authorship, including books and music
deregulation removing government controls over setting prices and quantities in certain industries
intellectual property the body of law including patents, tradesmarks, copyrights, and trade secret law that protect the right of inventors to produce and sell their inventions
legal monopoly legal prohibitions against competition, such as regulated monopolies and intellectual property protection
marginal profit profit of one more unit of output, computed as marginal revenue minus marginal cost
monopoly a situation in which one firm produces all of the output in a market
natural monopoly economic conditions in the industry, for example, economies of scale or control of a critical resource, that limit effective competition
patent a government rule that gives the inventor the exclusive legal right to make, use, or sell the invention for a limited time
predatory pricing when an existing firm uses sharp buy temporary price cuts to discourage new competition
trade secrets methods of production kept secret by the producing firm
trademark an identifying symbol or name for a particular good and can only be used by the firm that registered that trademark
Created by: KeonLawr
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