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I am going into accounting
Everyone's the same
I am the only guy in town
We are all original, real of perceived
We are the big dogs in town
100
This is fixed in the short run; variable in the long run
What is plant capacity?
100
In this type of market structure there are many producers and each one supplies an identical product
What is perfect competition
100
This market structure has only one producer that supplies market demand.
What is monopoly?
100
Industry characterized by easy entry, many firms and differentiated products.
What is Monopolistic Competition?
100
The four-firm concentration ratio in this market structure is greater than 40%.
What is an Oligopoly?
200
The additional cost of producing one more unit of output
What is Marginal Cost?
200
The point in which you will operate in the long run.
What is P=ATC?
200
Patents; economies of scale; ownership of essential resources; and brand loyality
What are barriers to entry?
200
New firms are attracted to industries when price exceeds this.
What is ATC?
200
OPEC represents this
What is a Cartel?
300
Specialization of labour, efficient use of capital, use of by-products
What is economies of scale?
300
The point at which in the short run you will "cut your losses" and cease operations.
What is P<AVC?
300
A firm sets prices according to the age of consumers engages in this.
What is Price Discrimination
300
Measures the percentage of total sales accounted for by the four largest firms in the industry.
What is a concentration ratio?
400
Lost interest; lost wages; or other opportunity costs you gave up starting your business
What are implicit costs
400
Selling an identical product with many other firms means this with respect to pricing power.
What is a Price-Taker?
400
Monopolists set their price in this portion of the demand curve.
What is elastic portion of the demand curve?
400
The demand curve in a monopolistically competitive industry.
What is a highly elastic demand curve?
400
When firms must consider the price, output, and advertising decisions of its rivals.
What is Mutual Interdependence?
500
Because the total revenue for producing 10 units is $80, and 9 units is $68 this is $12
What is marginal revenue
500
When it is not it is because price exceeds marginal cost.
What is allocatively efficient?
500
In a monopoly this is the regulated socially optimal price.
What is P=MC?
500
Where MR = MC
What is profit maximizing output?
500
Number of firms, cheating, recession, demand and cost differences are this
What are obstacles to collusion?