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| firms that have NO power over the price of goods they produce. |
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| A market in which no buyer or seller has market power. In a perfect " ", No single producer or consumer has any control over the price or quantity of the product. |
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| " " is a SINGLE firl that produces the entire supply of a particular good. |
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| The ability to alter the market price of a good or service. |
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| " " is the price of the good multiplied by the quantity sold. |
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| The difference between total revenue and total cost. |
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| The increase in total costs associated with a one-unit increase in production. |
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| Competitive Profit-maximization rule |
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| produce at that rate of output where price equals marginal cost. |
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| obstacles that make it difficult or impossible for would-be producers to enter particular market; ex: patent |
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| gives a firm the EXCLUsive right to produce or license a product. |
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| a contribution to total revenue ofan additional unit of output. |
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