Chapter 14 - Firms In Competitive Markets Flashcards
1
Q
Competitive market
A
A market in which there are many buyers and many sellers, each has a minor impact on the market price
2
Q
Marginal revenue
A
The change in total revenue from an additional units sold
3
Q
Sunk cost
A
A cost that has already been committed and cannot be recovered
4
Q
Average revenue
A
Total revenue divided by quantity sold
