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. Marginal Revenue A. A label applied to firms in perfectly...
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Marginal Revenue
A. A label applied to firms in perfectly competitive industries where
prices are determined by forces outside their control. Industries
Market Structure
associated with agricultural or natural resource products generally
are in this category.
Monopolistic competition
B. Examples of this term include the number and size of firms, the
Oligopoly
nature of the product, the ease of entry and exit and the availabil
of information. These factors impact the conditions that shape the
Perfect Competition
competition in a market.
Price Taker
C. A market type that is differentiated by products that differ but also
includes many small firms, and easy entry and exit. Firms include
places like bakeries, bars, and coffee shops.
D. Market defined by many firms, none with a significant market
share, homogeneous product, easy entry and exit, and equal
access to information by buyers and sellers.
E. Market type defined by a few firms in which a few have significant
market share. Other market factors are not well defined like the
nature of the product, the ease of entry and exit and the availability
of information.
F. The amount that total revenue changes when output changes by
one unit. EXP. Revenue is price times quantity sold. For a firm
with perfectly elastic demand curve, marginal revenue is equal to
price. So if a firm sells one more unit of corn for $5.00 their
marginal revenue is $5.00.
Answer & Explanation
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