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Perfect Competition - Coggle Diagram
Perfect Competition
Price is above the ATC
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TotalRevenue
TotalCost
ProfitWhen P*is AboveATC
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No firm in the market ends up making any profit,they barely break even
How to maximise profit?
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To maximise profits,the number of goods produced is determined from the point where MC=MR.
Marginal Cost Curve
Marginal Revenue
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Measuring Profit
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At the point where the profit is max,the slope is zero
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