IGCSE Revision of Revenues, Profits and Market Structures

A cost of production that is just sufficient for a firm to keep operating in an industry.

Which of the following may improve ease of entry into an industry?

The demand curve for any firm in a perfectly competitive market will be

In a competitive market, each firm has to accept the prevailing market price.

Anything above normal profit is considered

The market structure often used as a benchmark for comparison wrt efficiency.

An increase in price will lead to a ____ in the volume of sales.

The addition to the total revenue resulting from the sale of one additional unit.

Where firms are likely to enjoy abnormal profit

All firms making the same product or in the same line of business.

Price X quantity =

Firms in this market structure may enjoy some abnormal profit but more commonly normal profit.

The difference between an economist's and an accountant's view of profit.

This is what is left over when total costs are deducted from total revenue

A firm in any other type of market will face a ______ demand for its product.

Total revenue / output =

Which of the following is NOT a barrier to entry?

Which of the following is NOT a feature of an oligopoly?

Which of the following is least likely to be a feature of a monopoly?

Any restriction that prevent new firms from entering or joining an industry.

The way in which a market is organised in terms of the number of firms and ease of entry.

Total revenue - total costs =