ECON 110 Chapter Notes - Chapter 9: Economic Equilibrium, Takers, Variable Cost

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ECON 110 Full Course Notes
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ECON 110 Full Course Notes
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Market structure refers to all features that may affect the behaviour & performance of the firms in a market number of firms in the market or the type of products that they sell. When a firm decides how much output to produce in order to maximize its profits, it needs to know the demand for its product and also the costs of production. The theory of perfect competition: perfect competition is a market structure in which all firms in an industry are price takers and in which there is freedom to entry into an exit from the industry. The first 3 imply each firm is a price taker accept whatever happens to the market price: the market price remains constant no matter how much they produce or sell. The demand curve for a perfectly competitive firm. Total revenue (tr) is the total amount received by the firm on the sale of a product.

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