Micro Economics

4. ideal choice of solution of a firm that would maximize profit
7. monopoly that would form as a result of being in a free market
8. a free market with no government intervention
11. a choice made by taking into account the outcome of the choice and the resource of other firms
14. The outcome of a strategic decision.
15. a firm that has significant market power which is enough to control price
16. difference between what a consumer is willing to pay vs what they are actually paying
18. where demand and supply determine the prices of a g/s
19. when firms interact repeatidly to increase profits
21. where price equals marginal cost
23. where marginal cost is equal to marginal revenue
24. where one single strategy is best for a firm regardless of what other firms do
26. Top 4 firms control less than 40% of the market , limited price control, low barriers to entry, little to no long run profit

1. study of the ways in which different choices by competitors
2. product characteristics that make products stand out to consumers compared to other goods
3. when prices or changes established by a dominant firm are accepted by others
5. where firms take into account the reactions of competitors in response to a change in price
6. laws that are set to ensure that fair competition exists in an open market
9. when sellers charge customers for a g/s at different prices so that they pay the maximum price
10. Market with a single firm, only one product, full price control, with very high barriers to entry
12. situation in market where firms have some control over price/violates characteristics of perfect competition
13. the amount of control that firms have on the course of the market
17. where a firm is producing at a lower scale of output than it is designed for
20. restrictions made to ensure that goods and services remain affordable
22. resources are not allocated efficiently
25. Top 4 firms control more than 40% of market , with limited competition, some price control, and profit in the long run