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Questions and Answers
What is the condition for an industry to have free entry and exit?
What is the formula for profit in a perfectly competitive industry?
What is the marginal revenue of a price-taking firm?
What is the optimal output rule in a perfectly competitive industry?
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What is the shape of the individual demand curve for a price-taking firm's output?
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What is the purpose of the marginal revenue curve in a perfectly competitive industry?
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What is a characteristic of a perfectly competitive market?
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What is required for an industry to be perfectly competitive?
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What is a standardized product?
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What is a characteristic of a price-taking producer?
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What is a perfectly competitive industry?
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What is a price-taking consumer?
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What is the condition for a short-run market equilibrium?
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What does the short-run industry supply curve show?
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What is the condition for a long-run market equilibrium?
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What does the long-run industry supply curve show?
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What is the difference between the short-run and long-run industry supply curves?
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What is the purpose of comparing the short-run and long-run industry supply curves?
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