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Microeconomics > Perfect Competition > Flashcards

Perfect Competition Flashcards

1
Q

Perfect Competition

A

Firms are price takers; Outputs homogeneous and consumers know; Free entry/exit; Low transactions costs; Many firms and consumers

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2
Q

Profit Maximizing Rule

A

All firms should produce where P = MC (P > MC)

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Microeconomics (8 decks)

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