Term
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Definition
| A firm that has to accept the price ruling in the market. |
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Term
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Definition
| All products are the same irrespective of who makes them. |
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Term
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Definition
| The optimum allocation of scarce resources that best accords with the consumers' pattern of demand. |
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Term
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Definition
| The best combination of fixed and variable factors that minimises average total cost. |
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Term
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Definition
| Efficiency at a point in time - includes allocative and productive efficiency. |
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Term
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Definition
| Efficiency over time - new products, techniques and processes which increase economic growth. |
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Term
| Structural performance and conduct model |
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Definition
| Individual performance ultimately depends on the industry structure where the variables in the model are structure, conduct and performance. |
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