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perfect competition

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monopoly oligopoly economics market price firm industry equilibrium efficiency supply demand commodity homogeneity profit revenue cost marginal cost marginal revenue fixed cost variable cost surplus consumer surplus producer surplus allocation resource incentive competition barrier entry exit information transparency utility output production scale optimization maximization deadweight loss Pareto efficiency price elasticity demand curve supply curve competition policy trade exchange value invisible hand laissez faire capitalism market failure public good standardization competition law antitrust equilibrium price

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