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Perfect Competition - Coggle Diagram

- - - - P > min ATC is condition for productive inefficiency
      - P > MC is condition for allocative inefficiency
- - - - Should the firm produce?
      - If so, what amount?
      - What economic profit (loss) will be realized?
  - - - As long as P exceeds min. AVC
      - Firm continues to produce using the
        MR (= P) = MC rule
      - Supply graphs as upsloping line