WGU C211 Global Economics Chapter 14 with 100% correct answers.

A perfectly competitive firm chooses its price to maximize profits. sets its price to undercut other firms selling similar products. takes its price as given by market conditions. picks the price that yields the largest market share. takes its price as given by market conditions. A competitive firm maximizes profit by choosing the quantity at which average total cost is at its minimum. marginal cost equals the price. average total cost equals the price. marginal cost equals average total cost. marginal cost equals the price. A competitive firm's short-run supply curve is its ________ cost curve above its ________ cost curve. average total, marginal average variable, marginal marginal, average total marginal, average variable marginal, average variable marginal revenue the change in revenue for an additional unit sold sunk cost a cost that has already been committed and cannot be recovered competitive market a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker average revenue total revenue divided by the quantity sold accounting profit total revenue minus the total cost Agility The ability to react quickly to unexpected shifts in supply and demand. antidumping duties Tariffs levied on imports that have been "dumped" (selling below costs to "unfairly" drive domestic firms out of business). Average fixed cost fixed cost divided by the quantity of output average variable cost variable cost divided by the quantity of output bandwagon effect The effect of investors moving in the same direction at the same time, like a herd. blue ocean strategy Strategy that focuses on developing new markets ("blue ocean") and avoids attacking core markets defended by rivals, which is likely to result in a bloody price war or a "red ocean." build-operate-transfer (BOT) agreement A non-equity mode of entry used to build a longer-term presence by building and then operating a facility for a period of time before transferring operations to a domestic agency or firm. Civil law A legal tradition that uses comprehensive statutes and codes as a primary means to form legal judgments. cognitive pillar The internalized (or taken-forgranted) values an