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