1.) Where all firms earn zero economic profits producing the output level where P=MR=MC andP=AC2.) A seller (or buyer) that is unable to affect the price at which a product or resource sells bychanging the mount it sells (or buys).3.) An output at which a firm makes a normal profit.4.) The long-run process of the firm reducing production and shutting down in response to industrylosses.5.) Level of output where the marginal cost curve intersects with average variable cost curve at theminimum point of AVC.6.) The characteristics of an industry that define the likely behavior and performance of its firms.7.) The change in the total revenue that results from the sale of 1 additional unit of a firm’sproduct.8.) The long-run process of the firms entering an industry in response to industry profits.9.) The price of a product that results in the most efficient allocation of an economy’s resources andthis is equal to the marginal cost of the product.10.) The same-time derivation of utility from some product by a large number of consumers.




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