Total revenue divided by the quantity of goods sold.
Rivalry among sellers or buyers; also, a label for a specific market
type.
The extra revenue that a firm receives when it sells another unit of
output.
A market type in which there are many sellers, entry is easy, and each
firm sells a somewhat different product.
A market characterized by few sellers.
A market characterized by the same features as pure competition plus the
added attributes that buyers and sellers have complete and
continuous information or knowledge of all bids and offers made
in the market and the full mobility to take immediate action.
A firm that accepts the equilibrium market price as given and does not
adjust its own sales so as to try to influence that price. It is
the distinguishing characteristic of a firm in a purely
competitive market.
A market characterized by a large number of firms, a standardized
product, and easy entry so that each firm acts as a price taker.
A market characterized by a single seller, no product differentiation,
and blocked entry.
The price a firm charges multi plied by the quantity of output that it
sells.
