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Theory of the firm
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allocative efficient
normal profit
shut down point
productive efficiency
economies of scale
where marginal revenue = 0
breaking even
natural monopoly
perfect competition
interdependence
0
socially optimum level
game theory
monopoly
marginal cost
perfectly elastic
price takers
slightly differentiated prices
oligopoly
margin of safety
price makers
where marginal cost = marginal revenue
non collusive oligopoly
abnormal profit
variable costs
The additional costs incurred when a firm adds one more unit of a good or service
When a firm reduces its unit costs when it increases its production level
Which market structure is characterized by very high barriers to entry
A business where AR / TR is greater than AC / TC is said to be making
When a firm is producing at the point where the firm makes normal profit, it is said to be
Any additional units produced of a good or service over and above the break even point is called the
When the economy is producing at where MC=AR
A cost which changes directly as output changes
An industry with thousands of firms selling homogenous products is called
3 - 8 firms in an industry each competing fiercely is called a
A good or service with a perfectly inelastic demand curve will have a PED equal to
Another name for a firm producing at the point of allocative efficiency is called the
The difference between firms in monopolistic competition and perfect competition is
When a dominant business can directly influence market supply they are said to be
The point where TR = VC is known as the
When firms are so small that they have no power to influence market supply is called
A firm which aims to maximise its profit level will produce at the intersection of which two points
An industry where the economies of scale are so great that there is only room for one firm in the market
All firms in perfect competition make what level of profit in the long run
An economic theory popularised by John Nash
In oligopoly each move that firm makes is made only after considering the likely response from their competitors. This is called
A firm which aims to maximise its revenue level will produce at the intersection of which two points
Which type of market structure is characterized by sticky prices
A demand curve in perfectly elastic firms is
The point where AC = MC is called

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DescriptionMatch:
An industry with thousands of firms selling homogenous products is calledperfect competition
Which market structure is characterized by very high barriers to entry monopoly
When a firm is producing at the point where the firm makes normal profit, it is said to be breaking even
All firms in perfect competition make what level of profit in the long runnormal profit
A good or service with a perfectly inelastic demand curve will have a PED equal to0
When the economy is producing at where MC=ARallocative efficient
A demand curve in perfectly elastic firms isperfectly elastic
A business where AR / TR is greater than AC / TC is said to be makingabnormal profit
An industry where the economies of scale are so great that there is only room for one firm in the market natural monopoly
Which type of market structure is characterized by sticky pricesoligopoly
In oligopoly each move that firm makes is made only after considering the likely response from their competitors. This is calledinterdependence
3 - 8 firms in an industry each competing fiercely is called a non collusive oligopoly
An economic theory popularised by John Nashgame theory
The difference between firms in monopolistic competition and perfect competition isslightly differentiated prices
The point where AC = MC is calledproductive efficiency
When firms are so small that they have no power to influence market supply is calledprice takers
When a dominant business can directly influence market supply they are said to be price makers
A firm which aims to maximise its profit level will produce at the intersection of which two pointswhere marginal cost = marginal revenue
A firm which aims to maximise its revenue level will produce at the intersection of which two pointswhere marginal revenue = 0
Another name for a firm producing at the point of allocative efficiency is called the socially optimum level
The point where TR = VC is known as the shut down point
Any additional units produced of a good or service over and above the break even point is called themargin of safety
The additional costs incurred when a firm adds one more unit of a good or service marginal cost
When a firm reduces its unit costs when it increases its production leveleconomies of scale
A cost which changes directly as output changesvariable costs