Ch 14 - Firms in Competitive Markets Flashcards
(5 cards)
1
Q
competitive market
A
a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker
2
Q
average revenue
A
total revenue divided by the quantity sold
3
Q
marginal revenue
A
the change in total revenue from an additional unit sold
4
Q
sunk cost
A
a cost that has already been committed and cannot be recovered
5
Q
competitive market
A
