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10 cards from this deck
Firms that must accept market price, cannot influence it
D=AR=MR=PD = AR = MR = PD=AR=MR=P (all equal)
MR=MCMR = MCMR=MC
Profits increase with additional production
Profits decrease with additional production
TRQ\frac{TR}{Q}QTR
ΔTRΔQ\frac{\Delta TR}{\Delta Q}ΔQΔTR
Horizontal (perfectly elastic)
Industry-wide supply and demand forces
Beyond it, costs increase faster than revenue
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