Econ Test
which market structure does not exhibit a downward-sloping demand curve
Monopoly
which sequence of market structures ranks the barriers to entry from the fewest to the most
Perfect competition, monopolistic competition, oligopoly, monopoly
Total revenue is equal to
Price x Quantity
product is least likely to be produced in a perfectly competitive market
airline jet fuel
in a perfectly competitive market, what would happen to price if firm increases production
it wouldn't change
in a perfectly competitive market, what is the profit-maximizing price and quantity
marginal revenue = marginal cost
firm in a perfectly competitive industry would exhibit which characteristic
mnay buyers and sellers nearly identical products no barriers no control over price no long run economic profit
Marginal revenue is equal to
the change in total revenue divided by change in quantity
