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.
perfect competition market structure profit marginal revenue free entry long- free exit constant- increasing- decreasing- economic rent | An industry whose firms’ total costs decrease with increases in industry output. A market with many firms producing identical products and no barriers to entry. The difference between a firm’s revenue and its total cost. The competitive environment in which firms operate. Returns to specialized inputs above what firms paid for them. The point at which the market price is equal to the minimum average total cost and firms would gain no profits by entering the industry. An industry whose firms’ total costs increase with increases in industry output. The ability of a firm to exit an industry without encountering legal or technical barriers. The ability of a firm to enter an industry without encountering legal or technical barriers. The additional revenue from selling one additional unit of output. An industry whose firms’ total costs do not change with total industry output. |