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Competitive Marker
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A market with money buyers and seller trading identical products so that each buyer and seller is a price taker.
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There are many buyers and many sellers, and the goods offered by the various sellers are largely the same
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Two Characteristics of a Competitive Market
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Average Revenue equation
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total revenue divided by the quantity sold
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Marginal revenue
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The change in a total revenue from an additional unit sold
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increase it's output
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If marginal revenue is greater than marginal revenue the firm should...
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decrease its output
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If marginal cost is greater than marginal revenue, the firm should...
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identical
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At profit maximizing level of output, marginal revenue and marginal cost are...
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Market
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Anywhere business is done
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Monopoly
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the exclusive possession or control of the supply or trade in a commodity or service.
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Oligopoly
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A market structure in which a few large firms dominate a market
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monopolistic competition
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a market structure in which many companies sell products that are similar but not identical
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Perfect Competition
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a market structure in which a large number of firms all produce the same product
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