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July 23, 2019 

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HORIZONTAL ADDITION: In graphical analysis, the technique of combining two curves by adding the value of the variable on the horizontal or X axis for a given value of the variable on the vertical or Y axis. This is commonly done when deriving a market demand curve from a set of individual demand curves. The quantity demanded by every individual is added at a given price to identify the total market demand at that price.

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PERFECT COMPETITION CHARACTERISTICS: The four key characteristics of perfect competition are: (1) large number of small firms, (2) identical products sold by all firms, (3) freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology. These four characteristics mean that a given perfectly competitive firm is unable to exert any control whatsoever over the market.

     See also | perfect competition | assumption | mobility | industry | firm | technology | market | price taker | price maker | substitute | resources | barrier to entry | perfect competition and demand | perfect competition and efficiency | perfect competition and short-run supply curve | monopoly | monopolistic competition | oligopoly |


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PERFECT COMPETITION CHARACTERISTICS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: July 23, 2019].


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CONSTANT-COST INDUSTRY

A perfectly competitive industry with a horizontal long-run industry supply curve that results because expansion of the industry causes no change in production cost or resource prices. A constant-cost industry occurs because the entry of new firms, prompted by an increase in demand, does not affect the long-run average cost curve of individual firms, which means the minimum efficient scale of production does not change.

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, philosopher

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