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Chp. 13 Notes and Vocab
Terms in this set (4)
a market is perfectly competitive if
1) buyers and sellers are price takers (ex: supply + demand)
2) no barriers to entry (anyone can join, differs from monopoly)
3) homogeneous product (ex: pencil, textbooks, detergent)
if both producers and consumers are price takers, where does the price come from?
what is the profit-maximizing quantity?
the quantity where MR = MC
the distance between MR and MC is
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