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Perfect Competition
Perfect Competition
___________________, ___________________
5. The marginal revenue curve in perfect competition is: ______________ (Shape or slope)
6. The entrance of one or two new firms (in perfect competition) does what to market price?
_______________________________________,
8. In the long run, (in perfect competition) a firm will always: ______________ (make profits,
break even, operate at a loss)
9. The marginal revenue curve in perfect competition is equal to: ______________ (curve)
10.The entrance of one or two new buyers (in perfect competition) does what to market price?
_______________________________________,
11. In the long run, given increasing costs, the supply curve for the firm will be __________
(slope)
12. In the long run, given constant costs, the supply curve for the firm will be ____________
(slope)
13. In the long run, given decreasing costs, the supply curve for the firm will be __________
(slope)
14. The profit maximizing quantity is where marginal costs equal ___________