Chapter 14

  1. competitive market
    a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker
  2. average revenue
    total revenue divided by the quantity sold
  3. marginal revenue
    the change in total revenue from an additional unit sold
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Ruth5151
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19822
Card Set
Chapter 14
Description
A.P. Economics textbook, Chapter 14 vocabulary
Updated