|
Key Terms:
pure competition, pure
monopoly, monopolistic competition, oligopoly,
imperfect competition, standardized (homogenous)
product, differentiated product, nonprice competition,
perfectly elastic demand, market power, price taker,
average revenue (usually price), marginal revenue,
total revenue, MR=MC rule (profit maximization rule),
short-run equilibrium, short-run supply
curve
|
