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* Chapter 1 The Economic Approach * Overview Basic terms and definitions Eight guideposts to economic thinking Positive and normative economics Four pitfalls to avoid in…
Monopolistic Competition aka rice eekers ith ow arriers o ntry P S W L B t E Characteristics Firms face low entry barriers Differentiated Products -they face a downward sloping…
Firms face low entry barriers Differentiated Products -they face a downward sloping demand curve -no Long Run Profits -Non-price Competition Price Taker Many Small Firms…
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