Match Each Term with Its Definition

question 3

Multiple Choice

Match each term with its definition.
-1/1,000,000 of a unit

• A)micro-
• B)deci-
• C)kilo-
• D)numerator
• E)denominator
• 12. 1/1,000,000 of a unit
• F)ratio
• G)proportion
• H)means
• I)extremes

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Definitions:

Perfectly Competitive

A market structure characterized by a large number of small firms, identical products sold by all firms, and no barriers to entry or exit.

Profit-Maximizing

A strategy or process by which a company seeks to achieve the highest possible profit through its operations and pricing.

Factor Market

The factor market is the marketplace for the services of factors of production (labor, capital, land, and entrepreneurship) where these services are bought and sold.

Marginal Product

The increase in output that results from employing one more unit of a production factor, holding all other factors constant.