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15 cards from this deck
Many firms, identical products, free entry/exit, perfect knowledge
Supernormal profits or losses possible
Normal profits only
Minimum profit to keep firm in business; TR=TCTR = TCTR=TC
Firm accepts market price, cannot influence it
All firms sell identical products
None - free entry and exit
Produce where MC=MRMC = MRMC=MR
P>ATCP > ATCP>ATC
P<ATCP < ATCP<ATC
P=ATCP = ATCP=ATC (normal profit)
P=MCP = MCP=MC
Production at minimum ACACAC
Perfectly elastic (horizontal)
New firms enter, supply increases, price falls
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