Exam (elaborations)
Peregrine Exam Day 8|25 Questions with complete Solutions ((Microeconomics)
Peregrine Exam Day 8|25 Questions with complete Solutions ((Microeconomics)
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Peregrine Exam Day 8|25 Questions withcomplete Solutions ((Microeconomics)
competitive market - -a market in which there are many buyers and many
sellers so that each has a negligible impact on the market price
-Monopoly - -A market in which there are many buyers but only one seller.
-monopolistic competition - -a market structure in which many companies
sell products that are similar but not 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 profit - -they will produce points
where the marginal cost equals the marginal revenue
-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.
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