Choose the term that best matches the question or statement. If you answer every one of the correctly, then each of the choices will be used once, and only once. (One Point Each) costs are costs that can change in the short A. Average Cost term. B. Barriers to Entry A firm in a competitive market is a C. Comparative Advantage A market with only a few producers D. Concentration Ratio A market with only one buyer E. Copyright A measure of the extent of monopoly power F. Differentiated Product A type of a legal monopoly (until it expires) G. Economies of Scale A type of good or service associated with monopolistic competition H. Fixed Factor of Production An example of a negative externality 1. Inequality Can be measured by the Gini coefficient J. Marginal Cost Cost of producing one more unit of the product K. Marginal Productivity Equal to marginal cost when firms maximize profits L. Marginal Revenue Legal protection against someone stealing your M. Monopsony original writing N. Moral Imperative The basis for a regulation protecting an endangered o. Oligopoly species, even if the species has no economic value P. Patent Measures the change in output when another worker Q. Pollution is hired Total cost can be calculated by taking this number R. Poverty - and multiplying it by the number of units sold S. Price Taker4 4 0 4 4} Situation when production costs per unit are lower when more output is produced Something that tends to prevent competition in markets (but it is not a legal monopoly) The principle that determines the gains from international trade The situation characterized by a low level of well- being that society nds unacceptable Type of input that does not change in the short term T. Variable