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Light can be described in terms of wavelength, or as consisting of small packets of energy called
Natural Monopoly
A market situation in which the average costs of production continually decline with increased output. In a natural monopoly, the average costs of production will be lowest when a single, large firm produces the entire output demanded by the marketplace.
Perfectly Elastic
Perfectly elastic refers to a situation in economic theory where the quantity demanded or supplied of a good changes infinitely in response to any change in price.
Price-taker Industry
An industry in which companies have no control over the prices they charge because these prices are determined by the overall supply and demand in the market.
Total Revenues
The total sum of money a company earns from selling goods or providing services over a specified time frame.
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