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Chapter 10 Key Terms

ECO 251

TermDefinition
pure competition when a market consists of numerous sellers that are all small relative to the market and each sell an identical product
price taker a seller that has no ability to control the price of its product
marginal revenue the additional revenue from producing and selling one additional unit of a good
profit maximalization rule a firm should produce output up to the point where marginal revenue equals marginal cost
short run shutdown rule a firm should shut down in the short-run if the price of the good is less than the average variable cost
long run exit rule a firm should exit the industry if the price of the good is less than the long run average costs
Created by: SavanahT
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