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Unformatted text preview: (100,000s of cans/day) 6 1 1 3 1 6 6 3 2 1 1.5 15 Market Supply Curve Chapter 6: Perfectly Competitive Supply Slide 11 Thinking About Supply: The Importance of Opportunity Cost Why is the supply curve upward sloping? Chapter 6: Perfectly Competitive Supply Slide 12 Profit-Maximizing Firms in Perfectly Competitive Markets Profit z Total Revenue - All Costs (explicit & implicit) Profit-Maximizing Firms z Goal of the firm is to maximize the difference between total revenues and total costs....
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- Spring '08