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6 Cards in this Set
- Front
- Back
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monopolistic competition
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a market structure characterized by many firms selling differentiated products in an industry in which there is free entry and exit
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product differentiation
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effort by firms to produce goods that are slightly different from other types of goods
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intraindustry trade
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trade between countries in goods from same/similar industries
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interindustry trade
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trade between countries in goods from different industries
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excess costs
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costs of production that are higher than the minimum ATC
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excess capacity
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situation in which a firm produces below the level that gives the minimum ATC
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