Title: Study Economics: Chapter 10 Flashcards | Quizlet
Headings: Economics: Chapter 10
Economics: Chapter 10
STUDY
PLAY
Key concepts:
Terms in this set (17)
THIS SET IS OFTEN IN FOLDERS WITH...
Chapter 10 Intro to Microeconomics
Micro Chapter 12
MicroEcon Chapter 12
Chapter 11,12,13

Content: Study Economics: Chapter 10 Flashcards | Quizlet
Home
Social Science
Economics
Managerial Economics
Economics: Chapter 10
STUDY
Flashcards
Learn
Write
Spell
Test
PLAY
Match
Gravity
Pure competition
Click card to see definition 👆
Tap card to see definition 👆
Very large number of firms
No control over price
No nonprice competition
Click again to see term 👆
Tap again to see term 👆
Pure monopoly
Click card to see definition 👆
Tap card to see definition 👆
One firm
Unique product
Much control over price
Click again to see term 👆
Tap again to see term 👆
Nice work! You just studied 17 terms! Now up your study game with Learn mode. Try Learn mode
Study with Flashcards again
1/17
Created by
Marie_Thomas534 PLUS
Key concepts: Perfectly Competitive Firm
Average Variable Cost
Industry
Terms in this set (17)
Pure competition
Very large number of firms
No control over price
No nonprice competition
Pure monopoly
One firm
Unique product
Much control over price
Monopolistic competition
Differentiated products
Many firms
Some price control
Oligopoly
Few firms
Standardized products
Many obstacles to entry
We study pure competition because it
produces ideal results in terms of low-cost production and allocative efficiency, and can be used as a basis of comparison. Consider the statement: " Even if a firm is losing money, it may be better to stay in business in the short run." This statement is
true if the loss is less than the fixed cost.