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11 Cards in this Set
- Front
- Back
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4 market systems |
1) Pure competition 2) pure monopoly 3) monopolistic competition 4) oligopoly |
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Average revenue |
Revenue / unit AR=TR/Q=P |
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Total revenue |
TR=PxQ |
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Marginal revenue |
Change in TR/change in Q |
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Perfect (pure) competition |
Market structure in which a large number of firms produce a standardized product |
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Monopoly |
Market structure in which one firm is the sole seller of a product or service |
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Monopolistic competition |
Market structure in which a relatively large number of sellers produce differentiated products |
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Oligopoly |
Market structure in which a few large firms produce differentiated products |
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Characteristics of perfect competition and a firms demand curve |
- very large numbers - standardized products - price takers - easy entry and exit |
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Price takers |
Firm in a purely competitive market that cannot change market price but can only adjust to it |
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Easy entry and exit |
No significant legal, technological, and financial obstacles |
