An organisation that brings together factors of production in order to produce output
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Competitive market
A market in which individual firms cannot influence the price of the good or service they are selling, because of competition from other firms
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Supply curve
A graph showing the quantity supplied at any given price
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Competitive supply
A situation in which a firm can use its factors of production to produce alternative products
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Joint supply
Where a firm produces more than one product together
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Composite supply
Where a product produced by a firm serves more than one market
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Producer surplus
The difference between the price recieved by firms for a good or service and the price at which they would have been prepared to supply that good or service
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Marginal cost
The cost of producing an additional unit of output
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Other cards in this set
Card 2
Front
Competitive market
Back
A market in which individual firms cannot influence the price of the good or service they are selling, because of competition from other firms
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