ECON 318 Lecture 71: Econ 318_F2016_Chapter_071_Competition Theory
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12 Nov 2016
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Match the following.
constant-cost industry | A market structure in which a large number of firms sell a homogenous product or service with no restrictions on entry or exit and each firm is a price-taker. |
increasing-cost industry | The demand facing a price-taking firm. |
long-run equilibrium | A firm produces zero output but must still pay its fixed costs. |
marginal revenue product | Price below which a firm shuts down in the short run. |
perfect competition | All firms produce where price equals long-run marginal cost, and economic profits are zero. |
perfectly elastic demand | Industry in which input prices rise as all firms in the industry expand output. |
shut down | Industry in which input prices remain constant as all firms in the industry expand output. |
the shut-down price | The additional revenue earned by hiring one more unit of a variable input. |
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