Perfect Competition
AP Microeconomics · Flashcards · Recall
AP MICROECONOMICS · FLASHCARDS
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QUESTION
Identify the effect on market price when firms exit an industry.
QUESTION
State the profit-maximizing condition in perfect competition.
QUESTION
Identify the relationship between price and marginal cost in long-run equilibrium.
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ANSWER
P
=
M
C
P = MC
P
=
M
C
. Resources allocated efficiently when price equals marginal cost.
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