Chapter 12: Competition and the Invisible Hand

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4 Terms

1

What does price equal

Marginal Cost P=MC

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2

Elimination principle

Above-normal profits are eliminated by entry, and below-normal profits are eliminated by exit

EX: When a company stops producing a item because it is not profitable

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3

Creative destruction

Resources move toward an increase in the value of production

EX: The rise of the car led to the decrease in horse sales

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4

In a competitive market with N markets what does the p=mc look like

P= MC1, MC2, MC3……..MCN

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