means all else constant.

is a framework in which all bidders have the same intrinsic valuation of the object for sale, but bidders have different private information about what that common value is.

is the ability of agents to produce goods by incurring lower opportunity costs than other agents.

is an industry that faces constant average costs of production when the industry expands.

when output increases at the same rate as inputs when the firm expands (but the ratio of capital to labor is held fixed in the process).

is the difference between the maximum amount a consumer is willing to spend on a good and the amount that the consumer actually spent on the good at the market price.

is a market in which entry and exit are costless because there are no sunk costs. As a result, even if there is a small number of firms competing, firms behave like perfectly competitive firms for fea [..]

is an oligopoly with the following features: (i) there is two firms producing an homogeneous product; (ii) firms have market power; (iii) firms compete in quantities, and choose quantities simultaneou [..]

measures the percentage change that will occur in the quantity of a commodity demanded in response to a one percentage change in the price of another commodity ceteris paribus.

refers to independent decision making by agents.