Exam (elaborations)
Peregrine Exam Day 8|25 Questions with complete Solutions ((Microeconomics)
Peregrine Exam Day 8|25 Questions with complete Solutions ((Microeconomics)
[Show more]
Content preview
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £5.25. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
61005 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now