| Average revenue | a business's total revenue per unit of output
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| Breakeven point | the profit-maximizing output where price (or average revenue) equals average cost
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| Business's demand curve | the demand curve faced by an individual business, as opposed to an entire market
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| Business's supply curve | a curve that shows the quantity of output supplied by a business at every possible price
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| Entry barriers | economic or institutional obstacles to businesses entering an industry
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| Marginal-cost pricing | the practice of setting price where it equals marginal cost
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| Marginal revenue | the extra total revenue earned from an additional unit of output
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| Market power | a business's ability to affect the price of the product it sells
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| Minimum-cost pricing | the practice of setting price where it equals minimum average cost
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| Monopolistic competition | a market structure characterized by many buyers and sellers of slightly different products and easy entry to, and exit from, the industry
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| Monopoly | a market structure characterized by only one business supplying a product with no close substitutes and restricted entry to the industry
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| Natural monopoly | a market in which only one business is economically viable because of increasing returns to scale
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| Oligopoly | a market structure characterized by only a few businesses offering standard or similar products and restricted entry to the industry
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| Perfect competition | a market structure characterized by many buyers and sellers of a standard product and easy entry to and exit from the industry
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| Predatory pricing | an unfair business practice of temporarily lowering prices to drive out competitors in an industry
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| Profit-maximizing output rule | produce at the level of output where marginal revenue and marginal cost intersect
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| Shutdown point | the level of output where price (or average revenue) equals minimum average variable cost
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2002 McGraw-Hill Higher Education