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AutoSave O OFF 4 6 . 6 65 = 3 Chapter 8 Vocabulary-1 - Saved to my Mac Q Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments Broadway 20 A Aa v AL AaBbCcDdEe AaBbCcDdEe AaBbCcD AaBbCcDdE AaBb AaBbCcDdE BIU Subtitle Styles Paste Dictate Sensitivity ab A v . A v E Normal No Spacing Heading 1 Heading 2 Title pane Chapter S Vocabulary Name: 1.Break-even point 2. Barriers to entry and exit 3. Allocationficiency 4. Market structure 5. Long-run equilibrium 6. Marginal revenue 7. Price taker 8. Perfect competition 9. Productive efficiency 10. Shutdown point ( ) where marginal cost is equal to the minimum point on the average variable cost curve. ( ) where marginal cost is equal to the minimum point on the average total cost curve. ( ) purely competitive firms produce and sell goods at the lowest possible average cost.. ( ) these a factors, like patents or high production costs, can keep firms from entering or leaving a market in response to changes in profits. ( ) a market where firms face many competitor selling and identical product, with low barriers to entry and exit. ( ) purely competitive firms produce an output where to production cost equals the selling price. ( ) firms with many competitors, producing similar products must take the price set by the market ( ) characteristics of an industry, such as number of sellers, barriers to entry and exit, and types of products. Outline ( ) the change in a firms income from selling one more unit of its product. ( ) the point where price, marginal revenue, and marginal cost are all equal. Page 1 of 1 214 words English (United States) Focus E 99%