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Demand Curve
is a graph showing the relationship between the price of a good or service and the quantity demanded by consumers, typically downsloping to indicate that lower prices increase demand.
Competitive Firm
A company that operates in a market with many competitors, facing a highly elastic demand curve for its product because many substitutes are available.
Supply Curve
A graphical representation showing the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing and able to supply in the market.
Break-Even Point
The point at which total costs and total revenue are equal, resulting in no profit or loss.
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