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Essentials of Economics (Mankiw)- Chapter 13 Vocabulary
Firms in Competitive Markets
4
Economics
Graduate
01/29/2012
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Term
competitive market
 Definition
A market with many buyers and sellers trading identical products so that each buyer and seller is a price taker.
Term
average revenue
 Definition
Total revenue divided by the quantity sold.
Term
marginal revenue
 Definition
The change in total revenue from an additional unit sold.
Term
sunk cost
 Definition
A cost that has already been committed and cannot be recovered.
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