What is a price taker?

What are the characteristics of a perfectly competitive market?

What would happen if a perfect competitor raised it's price even 1 penny?

Real examples of perfect competition are very difficult to find

To be profitable...a company needs to ________________ their costs and ____________their revenue.

What is implicit cost?

what are explicit costs?

What is a production function?

What happens when new technology is added to a production function?

What are the three primary factors of production?

What is a monopoly?

What are barriers to entry?

What is monopoly power?

controlling a resource necessary to production is one way to keep out competition!

What is the benefit of a patent?

What is a benefit of a patent or copyright?

What is economies of scale?

What is a natural barrier?

The three natural barriers are: economies of scale, problems raising capital, and control of resources.