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| a market wit many, many firms, no price control, homogenous products, no barriers, no market impact with their decisions, and all firms are very small. |
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| Under perfect competition, the firm is a _________. It has no choice but to accept the price that has been determind in the market. |
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| A cost whose total amount changes when the quantity of output of the supplier changes. |
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| Shows the different quantities of output that the firm would be willing to supply at different possible prices during some given period of time. |
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| Supply Curve of the Industry |
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| shows the different quantities of output that the industry would supply at different possible prices during some given period of time. |
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| Net earnings (in the accountant's sense) minus the opportunity costs of capital and of any other inputs supplied by the firm's owners. |
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| an industry in which advantages of large-scale production make it possible for a single firm to produce the entire market at lower average cost than a number of firms, each producing a smaller quantity. |
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| An industry in which there is only one supplier of a product for which there are no close substitutes and in which it is very difficult or impossible for another firm to coexist. |
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| any excess of the profits earned persistently by a monopoly firm over and above those that would be earned if the industry were perfectly competitive. |
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| attributes of a market that make it more difficult or expensive for a new firm to open for business than it was for the firms already present in that market. |
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| the sale of a given product at different prices to customers of the firm, when there are no differences in the costs of supplying these customers. Prices are also discriminatory if it costs more to supply one customer than another, but they are charged the same price. |
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| a privilege granted to an inventor, whether an individual or a firm, that for a specified period of time prohibits anone else from producing or using that invention without the permission of the holder of the patent. |
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