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Unformatted text preview: long-run Economic costs vs. accounting costs Economic profit vs. accounting profit Chapter 6 Market structure different types of firms in the market Perfect competition Monopolistic competition Duopoly Oligopoly Monopoly Market power Price taker Firm demand versus market demand for perfectly competitive firm Production decision Total revenue Profit Marginal cost How do perfectly competitive firms choose which production level maximizes profit? How does a firm determine its supply curve? What affects the firms and the markets supply curve? What happens when an industry has economic profits? What are the characteristics of a competitive market? General profit maximizing rule...
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