Match each of the terms on the left with its definition on the right. Click on the term first and then click on the matching definition. As you match them correctly they will move to the bottom of the activity.
Excess capacity Monopolistic competition Zero-profit equilibrium Brand name | an economic balance in which each firm makes zero profit at its profit-maximizing quantity. a market structure in which there are many competing producers in an industry, each producer sells a differentiated product, and there is free entry and exit into and from the industry in the long run. a name owned by a particular firm that distinguishes its products from those of other firms. the failure to produce enough to minimize average total cost; characteristic of monopolistically competitive firms. |