Key Terms
Question
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
Price-taking firm
Price-taking consumer
Perfectly competitive market
Perfectly competitive industry
Market share
Standardized product
Commodity
Free entry and exit
Monopolist
Monopoly
Barrier to entry
Natural monopoly
Patent
Copyright
Oligopoly
Oligopolist
Imperfect competition
Herfindahl–Hirschman Index
Monopolistic competition
Marginal revenue
Optimal output rule
Price-taking firm’s optimal output rule
Marginal revenue curve
Break-even price
Shut-down price
Industry supply curve
Short-run industry supply curve
Short-run market equilibrium
Long-run market equilibrium
Long-run industry supply curve