Microecon Ch11/12
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| Constant-cost industry | show 🗑
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| show | An industry in which expansion through the entry of new firms raises the prices that firms in the industry must pay for resources, therefore increasing production costs.
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| Decreasing-cost industry | show 🗑
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| show | The production of a good in the least costly way; occurs when production takes place at the output at which ATC is a minimum and marginal product per dollar's worth of input is the same for all inputs
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| Allocative efficiency | show 🗑
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| show | A market structure in which one firm sells a unique product, into which entry is blocked, in which the firm has considerable control over price, and in which nonprice competition may or may not be found
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| Barriers to entry | show 🗑
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| Simultaneous consumption | show 🗑
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| show | Increases in the value of a product to each user, including existing users, as the total number of users rises
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| X-inefficiency | show 🗑
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| show | The actions by persons, firms, or unions to gain special benefits from government at the taxpayers' or someone else's expense
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| show | The price of a product that results in the most efficient allocation of an economy's resources and that is equal to the marginal cost of a product
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| Fair-return price | show 🗑
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