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CHAPTER 9 - -Perfectly Competitive – equilibrium is at Ec...

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CHAPTER 9 -Consumers utility-maximizing behavior result in demand . - Producers profit-maximizing behavior result in supply. - The sum of consumer and producer surplus is the market efficiency-which is maximized when there is no intervention in the market. - Deadweight Loss of Monopoly (DwL):
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Unformatted text preview: -Perfectly Competitive – equilibrium is at Ec, where MC and D cut.-Monopoly’s profit-maximizing equilibrium is at Em where MC and MR cut.-Any intervention by government results in loss of efficiency and economic welfare?? Case 1:...
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