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10 cards from this deck
Market with product differentiation, many firms & free entry
Gives firms downward-sloping demand curves & pricing power
No barriers; new firms enter if supernormal profits exist
MR=MCMR = MCMR=MC
Normal profit only; AC tangent to demand curve
Not achieved; firms don't produce at minimum AC
Not achieved; price above marginal cost (P>MCP > MCP>MC)
Degree market dominated by small number of firms
Combined market share of three largest firms
Key oligopoly feature; firms must consider rivals' reactions
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