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Peregrine Exam Day 8 with 100- correct answersPeregrine Exam Day 8 with 100- correct answers
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Peregrine Exam Day 8 with 100- correct answers
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10/18/24, 11:13 AMPeregrine Exam Day 8 with 100% correct answers
Terms in this set (25)
a market in which there are many buyers and many sellers so that each has a
competitive market
negligible impact on the market price
Monopoly A market in which there are many buyers but only one seller.
a market structure in which many companies sell products that are similar but not
monopolistic competition
identical
Oligopoly A market structure in which a few large firms dominate a market
perfect competition a market structure in which a large number of firms all produce the same product
land all natural resources used to produce goods and services
labor Human effort directed toward producing goods and services
Capital An economic system based on private ownership of capital
Entrepreneurship Accepting the risk of starting and running a business.
profit maximization A method of setting prices that occurs when marginal revenue equals marginal cost.
marginal cost the cost of producing one more unit of a good
If a company is looking to maximize its they will produce points where the marginal cost equals the marginal revenue
profit
fixed costs Costs that do not vary with the quantity of output produced
variable costs costs that vary with the quantity of output produced
revenue An increase in owner's equity resulting from the operation of a business
income money received, especially on a regular basis, for work or through investments.
the relation between the price of a good and the quantity purchased by an
individual demand
individual consumer per period, other things constant
spending by households on goods and services, with the exception of purchases of
consumption
new housing
The amount of a good or service a consumer is willing and able to purchase at a
consumer demand
range of prices.
Peregrine
supply curve Exam Day 8 a graph of the relationship between the price of a good and the quantity supplied
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