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in a pure competition, marginal revenue equals what? |
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what is productive efficiency? |
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goods produced in the least costly way |
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what are the barriers to entry in a monopoly? |
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economies of scale legal barriers ownership or control of essential resources pricing |
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ed<1 is elastic or inelastic? |
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ed>1 is elastic or inelastic? |
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Gas, cell phones, film, t.v., airlines are all examples of which market model? |
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which market model is dominated by a few large producers of a standardized or differentiated product? |
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distribution of resources among firms and industries to obtain the products most wanted by society |
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Which market model do many sellers produce differentiated products? |
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Cash costs are implicit or explicit |
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opportunity costs are implicit or explicit |
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how many firms are in a monopoly? |
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mutual interdependence is in which market model? |
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Are products differentiated or standard in pure competition? |
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Which two market models use advertising the most? |
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monopolistic competition and oligopoly |
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what shape is the demand curve in pure competition? |
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in pure competition, marginal revenue equals- |
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What is the most significant aspect of a pure monopoly? |
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What characteristic makes pure competition and monopolistic competition similar? |
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Conditions of entry are easy |
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Why would a firm in monopolistic competition differentiate its product and advertise? |
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What model has productive and allocative efficiency? |
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a good provided by a government |
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the sum of all utility (satisfaction) |
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total revenue minus economic costs |
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buildings, equipment. dont vary |
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labor, materials. vary, can change |
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example of monopolistic competition |
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clothing, furniture, shoes, restaurants |
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airlines, gas, cell phones |
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