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MATCHING DEFINITION A market structure in which many firms sell a homogenou...

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MATCHING DEFINITION

A market structure in which many firms sell a

homogenous product or service with no restrictions on entry or exit and each

firm is a price-taker.

Break-even point

Competitive market

Constant-cost industry

Economic loss

Economic profit

Economic rent

Entry

Equilibrium price

Equilibrium quantity

Exit

Increasing-cost industry

Long-run equilibrium

Marginal revenue

Market demand

Market

equilibrium

Minimum efficient scale

Perfect competition

Perfect substitute

Perfectly elastic demand

Price taker

Price-taking demand

Producer surplus

Profit maximization

Profit-maximizing output

Short-run market supply curve

Shut down

Shutdown point

Shutdown

price

Total revenue

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