Chapter 21

3. total number of dollars received by a firm from the sale of a product
4. market structure in which a few firms sell either a standardized or differential product, into which entry is difficult, in which the firm has limited control over product price because of mutual interdependence
6. output at which a firm makes a normal profit but not an economic profit
8. structure in which one firm sells a unique product, into which entry is blocked, in which the single firm has considerable control over product price, and in which non-price competition may or may not be found
9. prices at which a purely competitive industry will make various quantities of the product available in the long-run
11. industry in which expansion through the entry of firms lowers the prices that firms in the industry must pay for resources and therefore decreases their production costs
13. quantity of a product a firm in a purely competitive industry will offer to sell at various prices in the short run
14. market structure in which a very large number of firms sells a standardized product, into which entry is very easy, in which the individual seller has no control over the product price, and in which there is no non-price competition

1. change in total revenue that results from the sale of one additional unit of a firm's product
2. total revenue from the sale of a product divided by the quantity of the product sold
5. market structure in which many firms sell a differential product, into which entry is relatively easy, in which the firm has some control over its product price, and in which there is considerable non-price competition
7. seller of a product or resource that is unable to affect the price at which a product or resource sells by changing the amount it sells
10. industry in which expansion through the entry of new firms raises the prices firms in the industry must pay for resources and therefore increases their production costs
12. industry in which expansion by the entry of new firms has no effect on the prices firms in the industry must pay for resources and thus no effect on production costs