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Lecture 12: Competition III

Lecture 12: Competition III

This video was recorded at 14.01SC Principles of Microeconomics, Fall 2011. Models are easy to construct, but they may not always exactly match reality. While we assume that firms maximize profits, this may not always be true, and in this lecture we start to learn why. We also start to think about how we can measure the welfare that consumers gain from participating in a market.

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