(See related pages)
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| average revenue | Total revenue from the sale of a product divided by the quantity of the product sold. (See page(s) p. 175) |
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| break-even point | An output at which a firm makes a normal profit but not an economic profit. (See page(s) p. 177) |
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| constant-cost industry | An industry in which the entry of new firms has no effect on resource prices and thus no effect on production costs. (See page(s) p. 191) |
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| decreasing-cost industry | An industry in which the entry of firms lowers the prices of resources and thus decreases production costs. (See page(s) p. 192) |
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| imperfect competition | The market models monopoly, monopolistic competition, and oligopoly considered as a group. (See page(s) p. 173) |
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| increasing-cost industry | An industry in which the entry of new firms raises the prices for resources and thus increases their production costs. (See page(s) p. 191) |
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| long-run supply curve | A curve that shows the prices at which a purely competitive industry will make various quantities of the product available in the long run. (See page(s) p. 191) |
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| marginal revenue | The change in total revenue that results from selling one more unit of a firm's product. (See page(s) p. 175) |
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| monopolistic competition | A market structure in which a relatively large number of sellers produce differentiated products, and entry into and exit from the market is relatively easy. (See page(s) p. 173) |
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| monopoly | A market structure in which one firm is the sole seller of a product or service, for which there are no close substitutes. (See page(s) p. 173) |
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| MR = MC rule | A method of determining the total output at which economic profit is at a maximum (or losses at a minimum). (See page(s) p. 179) |
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| oligopoly | A market structure in which a few large firms produce homogeneous or differentiated products. (See page(s) p. 173) |
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| perfect competition | A market structure in which a very large number of firms produce a standardized product. (See page(s) p. 173) |
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| price-taker | A firm in a purely competitive market that cannot change market price, only adjust to it. (See page(s) p. 174) |
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| short-run supply curve | A curve that shows the quantities of the product a firm in a purely competitive industry will offer to sell at various prices in the short run. (See page(s) p. 186) |
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| total revenue | The total number of dollars received by a firm from the sale of a product. (See page(s) p. 175) |