Chapter 14

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  1. competitive market
    a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker
  2. average revenue
    total revenue divided by the quantity sold
  3. marginal revenue
    the change in total revenue from an additional unit sold

Card Set Information

Author:
 Ruth5151
ID:
 19822
Filename:
 Chapter 14
Updated:
2010-05-19 00:29:14
Tags:
Economics Mankiw
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Description:
A.P. Economics textbook, Chapter 14 vocabulary
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