ECN 101 Chapter Notes - Chapter 10: Natural Monopoly, Economic Surplus, Productive Efficiency

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A curve that shows the prices at which a purely competitive industry will make various quantities of the product available in the long run. An industry in which the entry of new firms has no effect on resource prices and thus no effect on production costs. An industry in which the entry of new firms raises resource prices and thus increases production costs. An industry in which the entry of firms lowers resource prices and thus decreases production costs. Producing a good in the least costly way. The distribution of resources among firms and industries to produce. The difference between the maximum price consumers are willing to pay for a product and the actual price. The difference between the actual price producers are willing to accept and the minimum acceptable price. The hypothesis that the creation of new products and production.

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