Key Terms
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.
Question
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Price-taking producer, p. 210
Price-taking consumer, p. 210
Perfectly competitive market, p. 210
Perfectly competitive industry, p. 210
Market share, p. 211
Standardized product, p. 211
Commodity, p. 211
Free entry and exit, p. 211
Marginal benefit, p. 214
Principle of marginal analysis, p. 214
Marginal revenue, p. 214
Optimal output rule, p. 214
Price-taking firm’s optimal output rule, p. 214
Marginal revenue curve, p. 215
Economic profit, p. 216
Explicit cost, p. 216
Implicit cost, p. 216
Accounting profit, p. 216
Break-even price, p. 219
Shut-down price, p. 221
Sunk cost, p. 221
Short-run individual supply curve, p. 221
Industry supply curve, p. 224
Short-run industry supply curve, p. 225
Short-run market equilibrium, p. 225
Long-run market equilibrium, p. 227
Long-run industry supply curve, p. 228