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Allfirmsarepricetakers 4therearenobarrierstoentry

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Unformatted text preview: lowest price that can be charged in a marketplace Utility 21:15 Utility= Satisfaction You measure utility by utils Decisions made by most utils per dollar spent Diminishing Marginal Utility­ As you consume more and more of a good or service, the additional satisfaction you receive continues to go down Sunk costs­ are those costs that are sunk, done and over with. There is nothing you can do about them. They are irrelevant to your current decision­making process All fixed costs are sunk...
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This note was uploaded on 10/30/2012 for the course BUS 420 taught by Professor Thisal during the Fall '11 term at Arizona.

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