ECON Chapter 7 Notes.txt

The ability to alter the market price of a good or services

The total quantities of a good or services people are willing and able to buy at alternative prices in a iven time period; the sum of individual demands.

Government grant of exclusive ownership of an innovation.

A firm that produces the entire market supply of a particular good or services.

MR the change in total revenue that results from a one unit increase in quantity sold.

Produce at that rate of output where marginal revenue equals marginal cost.

The selection of the short run rate of output with existing plan and equipment.

Obstacles that make it difficult or impossible for would be producers to enter a particular market.

The offer of goods at a price equal to their marginal cost.

Reductions in minimum averages costs that come about through increases in the size (scale) of plant and equipment.

An industry in which one form can achieve economies of scale over the entire range of market supply.

An imperfectly competitive industry subject to potential entry if prices or profit increases.

Temporary price reductions designed to drive out competition.