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ECON 202

ECON 202 - Term Definition Average Cost Pricing Rule A rule...

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Term: Average Cost Pricing Rule Definition: A rule that sets price to cover cost including the normal profit, which means the average cost Term: Barriers to Entry Definition: Legal of natural constraints that protect a firm from potential competitors Term: Economic Rent Definition: The income received by the owner of a factor of production over and above the amount required to induce that owner to offer the factor for use Term: Legal Monopoly Definition: A market structure in which there is one firm and entry is restricted by the granting of a public franchise, patent, or copyright Term: Marginal Cost Pricing Rule Definition: A price rule that sets the price equal to the marginal cost
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Term: Market Power Definition: The ability to influence the market and price by changing the total number offered for sale Term: Monopoly Definition: A market in which there is one firm, no close competitor and is protected with barriers to entry Term: Natural Monopoly Definition: A monpoly that occurs when one firm
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