Market Structure Is Determined by the

question 108

Multiple Choice

Market structure is determined by the

• A)Annual revenue,costs,and profits for an industry.
• B)Number and relative size of the firms in an industry.
• C)Amount of compensation given to the CEOs.
• D)Price charged for the good or service produced.

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Definitions:

Long-run Cost Function

The relationship between output quantity and total cost when all inputs, particularly capital, can be varied to minimize cost.

Marginal Cost Curve

A graphical representation showing how the cost of producing one more unit changes with increased production.

Lease Price

The amount of money paid for the temporary use of a good, property, or piece of equipment.

Optimal Output

The level of production that maximizes a firm's profit or minimizes its cost under given conditions.