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Diagram of Knowledge: Chapter 10 image - Coggle Diagram
Diagram of Knowledge: Chapter 10 
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Monopoly
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There are no ways to enter, the conditions of entry are blocked
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Monopolistic
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Considerable emphasis on advertising, brand names and trademarks
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Break-even point: An output at which a firm makes a normal profit(total revenue=total cost) but not an economic profit
The competitive producer will wish to produce at the output level where total revenue exceeds total cost by the greatest amount
MC=MR RULE: The principle that a firm will maximize its profit(or minimize its losses) by producing the output at which Marginal Revenue and Marginal Cost are equal provided that product price is equal to or greater than average variable cost
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