Title: Chapter 8 Pure Competition Flashcards | Quizlet
Headings: Chapter 8 Pure Competition
Chapter 8 Pure Competition
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Chapter 8 Pure Competition
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An oligopoly has ____ sellers and must consider the decisions of its rivals in determining its own ____ and output
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few; price
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Economists group industries into ____ distinct market structures
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four
(pure competition, pure monopoly, monopolistic competition, and oligopoly)
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in the short run
Terms in this set (47)
An oligopoly has ____ sellers and must consider the decisions of its rivals in determining its own ____ and output
few; price
Economists group industries into ____ distinct market structures
four
(pure competition, pure monopoly, monopolistic competition, and oligopoly)
Product ____ distinguishes ____ competition from all other market structures. differentiation; monopolistic
In pure competition, a firm's economic profit is equal to: marginal revenue minus average total cost multiplied by quantity
price minus average total cost multiplied by quantity
From an economic standpoint, the break-even point is the level of output at which a firm makes ____ profit
a zero; a normal
____ competition is considered to be rare in the real world
pure
A firm operating in a purely competitive market is a price taker because it: