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INDUSTRY: A collection of firms that produce similar products sold in the same market. The concept of industry is most often used synonymously with market in most microeconomic analysis. That is, the study of perfect competition or oligopoly is not only the study of market structures, but also the study of industrial structure.
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AVERAGE REVENUE, PERFECT COMPETITION The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a perfectly competitive firm average revenue is also equal to marginal revenue. Average revenue for a perfectly competitive firm is often depicted by a horizontal average revenue curve.
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The average length of a "business lunch" is about 36 minutes.
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"The only profit center is the customer." -- Peter Drucker, educator
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S&P 500
Standard&Poor's Stock Index
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