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Textbook Notes for Stein Rebecca

UPENNECON 001Stein RebeccaFall

ECON 001 Chapter Notes - Chapter 10: Market Power, Oligopoly, Perfect Competition

OC4862502 Page
13
Opportunity cost of production the value of the best alternative use of resources that a firm uses in production: value of real alternative foregone. F
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UPENNECON 001Stein RebeccaFall

ECON 001 Chapter 12: Econ 001 -- Outputs and Costs

OC4862504 Page
4
Short run time frame in which the quantity of at least one factor of production is fixed: capital, land and entrepreneurship = fixed factors of product
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UPENNECON 001Stein RebeccaFall

ECON 001 Chapter Notes - Chapter 13: Monopolistic Competition, Perfect Competition, Product Differentiation

OC4862502 Page
3
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