AP MICROECONOMICS UNIT #3
1. Profit. a. Accounting versus economic profits. b. Normal profit. c. Profit maximization: MR=MC rule. 2. Perfect competition. a. Profit maximization. b. Short-run supply and shutdown decision. c. Behavior of firms and markets in the short run and in the long run. d. Efficiency and perfect competition. 3. Monopoly. a. Sources of market power ... ................
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