Microeconomics chapter 11+12

For natural monopolies subject to rate (price) regulation, the price that would allow the regulated monopoly to earn a normal profit; a price equal to average total cost.

an industry in which the entry and exit of firms have no effect on the prices firms in the industry must pay for resources and thus no effect on production costs

an industry in which expansion through the entry of new firms raises the prices firms in the industry must pay for resources and therefore increases their production costs

An industry in which expansion through the entry of firms lowers the prices that firms in the industry must pay for resources and therefore decreases their production costs.

The production of a good in the least costly way; occurs when production takes place at the output at which average total cost is a minimum and marginal product per dollar's worth of input is the same for all inputs.

A market structure in which one firm sells a unique product, into which entry is blocked, in which the single firm has considerable control over product price, and in which nonprice competition may or may not be found.

The apportionment of resources among firms and industries to obtain the production of the products most wanted by society (consumers); the output of each product at which its marginal cost and price or marginal benefit are equal, and at which the sum of consumer surplus and producer surplus is maximized.

anything that artificially prevents the entry of firms into an industry

the same-time derivation of utility from some product by a large number of consumers

increases in the value of a product to each user, including existing users, as the total number of users rises

the production of output, whatever its level, at a higher average (and total) cost than is necessary for producing that level of output

The actions by persons, firms, or unions to gain special benefits from government at the taxpayers' or someone else's expense.

The price of a product that results in the most efficient allocation of an economy's resources and that is equal to the marginal cost of the product.