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Pure Competition

Donald Plants

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2.The state in which market supply and demand balance each other and, as a result, prices become stable
6.that within a certain period of time, in the future, at least one input is fixed while others are variable.
10.products that are perfect substitutes and buyers perceive no actual or real differences
13.the total receipts from sales divided by the number of units sold
14.A market in which one company has control over the entire market for a product
15.when the economy is utilizing all of its resources efficiently
1.those types of goods and services that are more desirable in the society and are in high demand
3.The increase that results from the sale of one additional unit of output
4.A period of time in which all factors of production and costs are variable
5.The overall measure of all sources of a company's income, including its sales, for a given period of time
7.a firm that has the power to influence the price it charges
8.A market characterized by a large number of independent sellers of standardized products, free flow of information
9.An individual or company which is not influential enough to affect the price of an item
11.The increase or decrease in the total cost of a production run for making one additional unit of an item
12.when cost and income are equal and there is neither profit nor loss

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