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14 cards from this deck
Many firms selling similar but not identical products
Many firms, each with small market share
Firms sell similar but not identical products
Low barriers; freedom of entry and exit
Quality, service, advertising, marketing efforts
Some degree of market power due to differentiation
Downward sloping
P>ATCP > ATCP>ATC
P<ATCP < ATCP<ATC
Where MR=MCMR = MCMR=MC
Normal profits (zero economic profit)
P=ACP = ACP=AC (price equals average cost)
Entry/exit of firms drives profits to normal level
MRMRMR lies below demand curve
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