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10 cards from this deck
Competition via quality, innovation, branding, service, not price
Profit above normal levels when price exceeds all costs
Minimum point of Average Total Cost (ATC) curve
Minimum point of Average Variable Cost (AVC) curve
Produce where MR = MC (Marginal Revenue = Marginal Cost)
Market where new firms can easily enter if profitable
Irrecoverable costs incurred when entering a market
Temporary market entry to earn profit, then quick exit
No barriers to entry/exit and no sunk costs
Potential competition (threat of entry) not actual competition
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