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5 FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY

5 FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY. Competition . In this part of the course, we will look at how the functioning of an economy depends on the degree to which businesses can exert control over the prices they set

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Chapter 20

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The Costs of Production

13. The Costs of Production. What are Costs?. Total revenue Amount a firm receives for the sale of its output Total cost Market value of the inputs a firm uses in production Profit Total revenue minus total cost. What are Costs?. Costs as opportunity costs

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