Term
| in a pure competition, marginal revenue equals what? |
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Definition
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Term
| what is productive efficiency? |
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Definition
| goods produced in the least costly way |
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Term
| what are the barriers to entry in a monopoly? |
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Definition
economies of scale
legal barriers
ownership or control of essential resources
pricing |
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Term
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Definition
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Term
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Definition
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Term
| ed<1 is elastic or inelastic? |
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Definition
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Term
| ed>1 is elastic or inelastic? |
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Definition
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Term
| Gas, cell phones, film, t.v., airlines are all examples of which market model? |
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Definition
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Term
| which market model is dominated by a few large producers of a standardized or differentiated product? |
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Definition
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Term
| distribution of resources among firms and industries to obtain the products most wanted by society |
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Definition
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Term
| Which market model do many sellers produce differentiated products? |
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Definition
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Term
| Cash costs are implicit or explicit |
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Definition
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Term
| opportunity costs are implicit or explicit |
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Definition
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Term
| how many firms are in a monopoly? |
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Definition
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Term
| mutual interdependence is in which market model? |
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Definition
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Term
| Are products differentiated or standard in pure competition? |
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Definition
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Term
| Which two market models use advertising the most? |
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Definition
| monopolistic competition and oligopoly |
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Term
| what shape is the demand curve in pure competition? |
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Definition
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Term
| in pure competition, marginal revenue equals- |
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Definition
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Term
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Definition
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Term
| What is the most significant aspect of a pure monopoly? |
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Definition
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Term
| What characteristic makes pure competition and monopolistic competition similar? |
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Definition
| Conditions of entry are easy |
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Term
| Why would a firm in monopolistic competition differentiate its product and advertise? |
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Definition
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Term
| What model has productive and allocative efficiency? |
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Definition
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Term
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Definition
| a good provided by a government |
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Term
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Definition
| the sum of all utility (satisfaction) |
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Term
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Definition
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Term
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Definition
| total revenue minus economic costs |
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Term
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Definition
| buildings, equipment. dont vary |
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Term
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Definition
| labor, materials. vary, can change |
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Term
| example of monopolistic competition |
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Definition
| clothing, furniture, shoes, restaurants |
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Term
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Definition
| airlines, gas, cell phones |
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