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Ch 14 Notes (98% on the test)

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Department
Economics
Course
ECON 2000
Professor
All Professors
Semester
Fall

Description
Ch 14Perfect CompetitionMarket BasicsMarket StructureThe environment and setting in which a particular firm operates This has great influence upon pricing and output decisionsEvery firm must answer the following1What price to charge2How many units to produce3How many resource inputs should be purchasedTheory of Perfect CompetitionPerfect CompetitionA market structure based upon 4 key Assumptions1Many sellers and many buyers interact within a large marketsno one seller or buyer corners the market or maintains and powerEach fir services only a very slight percentage of the market2Each firm produces a homogeneous product There exist no real differences amongst brands3Buyers and Sel
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