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SESSION 1 - Coggle Diagram
SESSION 1
Market Structures
Perfect Competition
- price taker
- many firms
- perfect information
- no profits LR
- no government intervention
- No public goods
- No externalities
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Economics
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First Welfare Theorem
when markets are perfectly competitive, then the market allocates resources efficiently
Demand
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Shifting demand
Consumer income
Normal goods: higher income, higher demand
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