DIRECTIONS: As in the popular TV game show, you are given an answer to a question and you must respond with the question. For example, if the answer is, "a tax on imports", then the correct question is, "What is a tariff?"
- term used to describe two-way trade in identical or similar products.
- term used to describe non-homogeneous goods produced by different firms within the same industry.
- type of cost derived by dividing total cost by total output.
- another term that essentially means the same thing as economies of scale.
- term used to describe an increase in total world output achieved without an increase in resources and without an improvment in technology.
- type of market structure that mixes assumptions from perfect competition with assumptions from monopoly models.
- demand assumption in which each consumer has a demand for multiple varieties of a product over time
- demand assumption in which each consumer has a demand for different sets of characteristics of a particular product type.
- of elastic or inelastic, the type of market demand that would arise if demand is very responsive to changes in the price.
- the change in total revenue given a change in output.