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Last updated 2:26 PM on 5/3/26
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13 Terms

1
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Supply and demand

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2
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Perfect competition (long run)

MR=MC is where maximum production happens and there is 0 economic profit

<p>MR=MC is where maximum production happens and there is 0 economic profit</p>
3
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Long run average total cost curve

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4
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Short-run per Unit Cost Curves

MC and ATC curves are most important. ATC is where production occurs

<p>MC and ATC curves are most important. ATC is where production occurs</p>
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<p>Perfect competition short run profit </p>

Perfect competition short run profit

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Perfect competition (long run to long run)

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<p>Labor Market (Min wage) </p>

Labor Market (Min wage)

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Monopolistic competition making profit

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Monopolistic Competition in the Long Run

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<p></p>

Perfectly competitive resoruce market

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<p>Monopsony </p>

Monopsony

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<p>Negative externality</p>

Negative externality

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<p>Positive Externality </p>

Positive Externality