Market structures

4. Profit that is more than normal profit.
7. Reduced unit costs due to bulk buying of inputs into a business.
10. Price = Marginal Cost
11. Quantity x Price
12. The proportion of the total market shared between the five largest firms.
13. Addition to total revenue from one additional sale.
14. Where unit costs are lowered over time.
17. Obstacles to new firms entering a market.
18. Costs that are independent of output produced.

1. Costs that are directly related to the level of output produced.
2. Costs that can't be recovered if a firm ceases operation.
3. A firm that has control over the market price.
5. Where there are minor variations in the type of products on offer.
6. Removal of regulations.
8. A single firm in a market.
9. Where a firm makes a reasonable level of profit that satisfies its stakeholders without maximising profit.
15. The first female Prime Minister.
16. The benefits gained through producing on a larger scale.