profit. · Buyers view the products of firms B, C, D, and E as perfect substitutes for the product of firm A Thus, each firm is a price taker since consumers will simply buy from another firm if one firm raises their prices. "Price takers" · Individual firms exert no significant control over product price · Each firm produces such a small fraction of total output that increasing or decreasing its output will not perceptibly influence total supply or product price · The individual competitive producer is at the mercy of the market; · asking a price higher than the market price would be futile Free entry and exit · There are no legal, technological, financial, or other obstacles that prevent firms from entering or leaving a competitive market. · It is easy for firms to enter or exit the industry (especially if it has small economies of scale).
n. depletion She depleted all of her savings to buy the word processor. The depletion of the Earth's oil reserves poses a threat to our current style of life. finite adj. of a certain amount; having an end; not infinite Syn. limited There were a finite number of explanations for the unusual reactions. Is there a finite number of stars in the universe? perceive v. to sense; to become aware of adv. perceptibly Syn. observe adj. perceivable adj. perceptive adv. perceptively n. perception We perceive major differences between the two political parties. Porpoises are very perceptive mammals. security n. the feeling of freedom from danger, adv. securely doubt, or worry adj. secure Syn. safety v. secure Her sense of security increased as her grades improved.
turn toward me. He showed no sign that he realized I was there. "Hello, Edward," I said pleasantly, to show him I was going to behave myself. He turned his head a fraction toward me without meeting my gaze, nodded once, and then looked the other way. And that was the last contact I'd had with him, though he was there, a foot away from me, every day. I watched him sometimes, unable to stop myself-- from a distance, though, in the cafeteria or parking lot. I watched as his golden eyes grew perceptibly darker day by day. But in class I gave no more notice that he existed than he showed toward me. I was miserable. And the dreams continued. Despite my outright lies, the tenor of my e-mails alerted Renée to my depression, and she called a few times, worried. I tried to convince her it was just the weather that had me down. Mike, at least, was pleased by the obvious coolness between me and my lab partner. I could see he'd
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