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Unit 3: Production, cost, and the perfect competition model
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In economics, a "perfect" market is a theoretical market in which there are many buyers and sellers, and where no one has an advantage over others. In this unit, you'll learn how perfect markets can be used to model relationships between productivity and costs and competition between firms.Learn
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- The production functionGet 3 of 4 questions to level up!
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- Short-run production costs: foundational conceptsGet 3 of 4 questions to level up!
- Short-run production costsGet 3 of 4 questions to level up!
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- Types of profitGet 3 of 4 questions to level up!
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- Profit maximizationGet 3 of 4 questions to level up!
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- Perfect competition foundational conceptsGet 3 of 4 questions to level up!
- Perfect competition in the short run and long runGet 3 of 4 questions to level up!
- Increasing, decreasing, and constant cost industriesGet 3 of 4 questions to level up!
- Efficiency and perfect competitionGet 3 of 4 questions to level up!
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