a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker
total revenue divided by the quantity sold
the change in total revenue from an additional unit sold
a cost that has already been committed and cannot be recovered
a firm that is the sole seller of a product without close substitutes
a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms
the business practice of selling the same good at different prices to different customers
a market structure in which only a few sellers offer similar or identical products
a market structure in which many firms sell products that are similar but not identical
an agreement among firms in a market about quantities to produce or prices to charge
a group of firms acting in unison
a situation in which economic participants interacting with one another each choose their best strategy given the strategies that all the others have chosen
the study of how people behave in strategic situations
a particular "game" between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial
a strategy that is best for a player in a game regardless of the strategies chosen by the other players
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