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Hannah Microeconomics Chapter 14
Definitions
5
Economics
Undergraduate 1
11/06/2011
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Term
competitive market
 Definition
a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker
Term
average revenue
 Definition
total revenue divided by the quantity sold
Term
marginal revenue
 Definition
the change in total revenue from an additional unit sold
Term
sunk cost
 Definition
a cost that has already been committed and cannot be recovered
Term
marginal firm
 Definition
the firm that would exit the market if the price were any lower
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