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10 cards from this deck
Allocative and productive efficiency
Firm that must accept market price; cannot influence it
AR=MR=PAR = MR = PAR=MR=P (all equal)
MR=MCMR = MCMR=MC (marginal revenue = marginal cost)
Identical products; no brand loyalty or differentiation
Normal profits only
P=minimum LACP = \text{minimum } LACP=minimum LAC
P=MCP = MCP=MC
Not achieved; no funds for R&D/innovation
Horizontal at minimum LACLACLAC
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