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10 cards from this deck
Theoretical benchmark to measure real market performance
Self-interest in competitive markets promotes public good
Firm that must accept ruling market price from supply/demand
Produce where MR=MCMR = MCMR=MC (marginal revenue = marginal cost)
Abnormal (supernormal) profits when price exceeds ATC
Normal profit only (total revenue = total cost)
P=ATC=MC=MRP = ATC = MC = MRP=ATC=MC=MR (price = avg total cost = marginal cost)
Production at lowest cost per unit (minimum point on ATC)
P=MCP = MCP=MC in all markets (price equals marginal cost)
Price competition only (no advertising, branding, etc.)
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