Define the following terms: market power, market demand, patent, monopoly, marginal revenue (MR), profit maximization rule, production decision, barriers to entry, marginal cost pricing, economies of...

Define the following terms: market power, market demand, patent, monopoly, marginal revenue (MR), profit maximization rule, production decision, barriers to entry, marginal cost pricing, economies of scale, natural monopoly, contestable market, predatory pricing