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