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Course: AP??/College Microeconomics?>?Unit 3
Lesson 7: Perfect competition- Introduction to perfect competition
- Economic profit for firms in perfectly competitive markets
- Perfect competition foundational concepts
- Long-run economic profit for perfectly competitive firms
- Long-run supply curve in constant cost perfectly competitive markets
- Long run supply when industry costs aren't constant
- Free response question (FRQ) on perfect competition
- Perfect competition in the short run and long run
- Increasing, decreasing, and constant cost industries
- Efficiency and perfect competition
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Perfect competition foundational concepts
Problem
Which of the following best describes the profit-maximizing rule for a perfectly competitive firm?