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Lecture 10: Competition I

Lecture 10: Competition I

This video was recorded at 14.01SC Principles of Microeconomics, Fall 2011. Working with the firm's cost function enables us to learn how much of each input the firm should optimally use to produce a given level of output. However, the firm still has to decide how much output it should produce. This decision depends on the type of market the firm is operating in. We begin by analyzing the most common type of market: perfect competition.

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