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Microeconomics...Unit III

Mr. Helton

Unit III microeconomics terms

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4.entity that offers a franchise
5.behavior of a worker who is putting forth less than agreed to effort
6.A legal entity that can conduct business in its own name in the same way than an individual does and is owned by its stockholders
7.the price of labor
9.A Business that is owned by two or more co-owners, who share all of the profits / losses, and are legally responsible for the debts of the firm
13.revenue from selling an additional unit if a good
16.single seller with no close substitutes
18.Business that is owned by an individual, who makes all of the business decisions
19.prohibits the practice of requiring employees to join a union in order to work
20.many buyers and sellers with the production and sale of slightly differentiated products with easy entry
23.An organization that uses resources to produce goods and services
24.A business that blends elements of partnership and corporation. Primary advantage is that owners have limited liability
25.specifies the lowest hourly wage rate that can be paid to workers
28.organization that seeks to increase the wages and improve working conditions for its members
30.setting in which a seller finds itself, defined by its characteristics
31.important decision making body in a corporation
32.seller that can sell some of its output at various prices
33.anything of value to which a firm has a legal claim
1.person or group that buys a franchise
2.seller that can sell all of its output at equilibrium price but can sell none at any other price
3.states that if additional units of one resource are added to another resource in fixed supply, eventually the additional output will decrease
8.anything that prohibits a firm from entering the market
10.cost or expense that changes with the number of units produced
11.characterized by many buyers and sellers
12.the sum of fixed costs plus variable costs
14.firm with such a low average total cost that only it can survive in the market
15.legislation passed to control monopoly power and preserve competition
17.few sellers and the production and/or sale of identical or slightly different products with significant barriers to entry
21.person who owns shares of stock in a corporation
22.A contract by which a firm (usually a corporation) lets a person or group use its name and sell its goods or services
26.cost or expense that is the same no matter how many units of a good are sold
27.organization which requires employees to join the union wihtin a certain period of time after hire
29.work stoppage called by union members to put pressure on an employer

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