级国贸专业《微观经学》作业及答案(B).docVIP

School of International Business Administration，ZISU Solutions to Assignment B (Note: Assignment B should be finished and handed in on May 23, 2012) I. Interpret the following terms and concepts. (5x3 =15 points) 1. Monopoly: a market (industry) with a single producer of a good or service that has no close substitute and in which a barrier to entry prevents competition from new firms 2. Marginal product: The additional output that can be produced by adding one more unit of a specific input, ceteris paribus. 3. Marginal cost: The increase in total cost that results from producing one more u