Firms in this competitive market sets are said to be price takers, they must accept the market price.
What is Perfect Competition
100
The profit maximizing point for any firm in any competitive market structure is when this equals this.
What is Marginal Cost = Marginal Revenue?
100
The big box store strategy like Sam’s Club and Costco approach to retailing is consistent with this approach to economics.
What is Neoclassical?
100
In a perfectly competitive market, a firms products are said to be this; meaning you can't tell them apart.
What is Homogeneous?
100
If a firm is operating at a point where its total revenue is equal to its total cost, the firm is said to be doing this.
What is Breaking Even?
200
This competitive market structure is know to have differentiated products with many buyers and many sellers.
What is Monopolistic Competition
200
Because there such as licensing and zoning laws, the restaurant industry operates within this competitive market structure and licensing and zoning laws are referred to this.
What is Monopolistic and Barriers to Entry?
200
This economic approach focuses on providing people more options rather than helping people make better decisions with the options available.
What is Neoclassical?
200
Marginal Cost equals Marginal Revenue (MC=MR) is known as this.
What is the Profit Maximizing Rule?
200
If total revenue increases by $3 with the sale of one more unit, then the firm’s ___________ increases by $3 as well.
What is Marginal Revenue?
300
The competitive market known as this is said to have price leadership.
What is Oligopoly?
300
A firm with a perfectly horizontal the demand curve operates in this competitive structure and the firm’s demand is perfectly this.
What is Perfect Competition and Elastic?
300
A misunderstanding or misperception that causes a systematic error in normal or rational judgment is referred to as this.
What is Cognitive Bias?
300
Because of this in an oligopolistic competitive structure, firms must consider the reactions of is rivals when it determines its pricing policy.
What is Mutual Interdependence?
300
The digital industry and streaming videos has caused the brick and mortar video and DVD rentals to close. This describes this trend.
What is Creative Destruction?
400
With high barriers to entry and exit and differentiated products, the airline industry is said to operate in this competitive environment.
What is Oligopoly?
400
When dairy milk is processed, packaged, and sold at the local grocery and convenience store, it moves from this market structure to this.
What is Perfect Competition and Monopolistic Competition?
400
This approach is used by retailers when frequently purchased items are placed in the back of the store.
What is Behavioral?
400
Within an Oligopoly industry, an illegal (in the U.S.) agreement between two or more companies to commit a wrongful act can as the agreement may be profitable to both companies. This type of agreement is known as this.
What is Collusion?
400
If firms are earning this in a purely competitive or monopolistic market structure, then new firms will enter the industry.
What is Economic Profits?
500
In this competitive structure, the market demand curve and the firm’s demand curve are the same curve.
What is Monopoly?
500
These two competitive environments often have economies of scale and patent protection as two barriers to entry.
What is Monopoly and Oligopoly?
500
Using mental shortcuts, such as a rule of thumb or an educated guess are examples of using this in economic decision making.
What is Heuristic?
500
In a Monopolistic or Oligopolistic market, firms differentiate products through advertising, product placement, and product characteristics. These tactics are referred to as this type of competition.
What is NonPrice?
500
If the prices of resources increase as an industry expands, the industry is said to be an ____________ __________ industry.