Chapter 13 Flashcards
1
Q
Competitive Market
A
A market in which fully informed price-taking buyers and sellers easily trade a standardized good or service.
2
Q
Price Taker
A
A buyer who cannot affect the market price
3
Q
Market Power
A
The ability to noticeably affect the market prices
4
Q
Average Revenue
A
Total revenue divided by the quantity sold
5
Q
Marginal Revenue
A
The revenue generated by selling an additional unit of a good
