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Issues in Economics Today
Issues in Economics Today
Robert Guell, Indiana State University

Perfect Competition and Monopoly

Glossary


economic profit  Any profit above normal profit.
long run  The period of time where a firm can change things like plant and equipment.
monopolistic competition  A situation in a market where there are many firms producing similar but not identical goods.
normal profit  The level of profit that business owners could get in their next best alternative investment.
oligopolistic market  A situation in a market where there are very few discernable competitors.
short run  The period of time where a firm cannot change things like plant and equipment.




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