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A cute, little curly-haired child is sitting behind you in church. You turn around for a moment and she sticks her tongue out at you. Which tongue muscle did she use?
Unit Price
The cost per unit of a product or service, which allows consumers to compare prices and value among different items.
Average Revenue
The revenue earned per unit of output sold, calculated by dividing total revenue by the number of units sold.
Market Structures
The organizational and other characteristics of a market, including the level of competition, product differentiation, and the ease of entry and exit, which determine the nature of pricing and output decisions.
Purely Competitive Firm
A company operating in a market with many sellers offering identical products, where no single seller can influence the market price.
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