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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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Yusra Anees
Yusra AneesLv10
28 Sep 2019

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