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| A very large number of firms producing a standardized product |
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| large number of sellers producing differentiated products (clothing, furniture, books) |
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| when one firm tries to distinguish its product or service from all competing products |
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| only a few number of sellers of a differentiated product, so each firm is affected by the decisions of its rivals and must take those decisions into account in determining its own price and output |
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| a product that differs in some other way from the similar products produced by other firms, a product such that buyers are not indifferent to the seller when the price charged by all sellers is the same. |
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| market structure in which one firm is the sole seller of a product |
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| a competetice firm that cannaot change the market prices, but can only accept it as "given" and adjust to it. |
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| presence in a purely competitive market of a large number of independently acting sellers, offering products in large national as well as international markets. |
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| purely competetive firms produce a standardized(identiacal or Homogeneous) product. |
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| new firms can freely enter and existing firms can freely leave purely competitive industries. |
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| meaningful starting point for any discussion of how prices and output are determined. |
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| ---------- are price takers not price makers. |
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| Total revenue from the sale of a product divided by the quantity of the product sold. also it is equal to price. |
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| the total number of dollars received by a firm from the sale of a product |
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| the change in total revenue that results from selling 1 more unit of a firms's product |
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| marginal revenue, also it is equal to price in pure competition |
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| the rule applies only if producing is preferable to shutting down. applies to what? |
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| the profit-maximizing guide is known as |
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