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ECON-1010-D1/D2-Introduction to Microeconomics
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The figure above illustrates the short-run average and marginal cost curves of a perfectly competitive firm. The average total cost can be obtained as
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Suppose a firm that produces in a perfect competitive market wants to raise the price of its product above the market price. What impact might this decision have on the firm?
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The figure represents the short-run production decision of a perfectly competitive firm. Firms are making an economic
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A firm maximizes profit by producing the output at which marginal cost equals
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Initially, a perfectly competitive market that has 1,000 firms is in long-run equilibrium. Then 100 firms in the industry adopt a new technology that reduces the average cost of producing the good. In the short run, the price ________, firms with the new technology make ________ economic profit, and firms with the old technology ________.
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When firms are said to be price takers, what will happen if a firm raises its price?
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If a firm in a perfectly competitive market were to raise its price, its
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A firm in a perfectly competitive market
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