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Econ midterm study cheat sheet

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Subject: 
Economics
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Compare and contrast different market structures in the universe Compare the basic compeditve model vs perfect competition Chart on left Figure out dead weight options BCM-pc BCM-PC Marginal cost T(max) MR=MC Yes T(max) MR=MC Yes Price In Yes P>MC N-DWL N-ADV Oligopoly-few firms -direct interaction actions of one directly impact other firms in a market. -Firms are interdependent -crude oil, refining
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