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DEMAND: The willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period. Demand is one half of the market exchange process; the other is supply. This demand side of the market draws inspiration from the unlimited wants and needs dimension of the scarcity problem. People desire the goods and services that satisfy our wants and needs. This is the ultimate source of demand.

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Lesson 16: Perfect Competition | Unit 3: Doing Graphs Page: 18 of 28

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In this unit, you should have learned about:
  • How the profit-maximizing quantity of output for a perfectly competitive firm can be found by identifying the greatest vertical distance between the total revenue and total cost curves.
  • How the profit-maximizing quantity of output for a perfectly competitive firm can be found by identifying the peak of the profit curve.
  • How the profit-maximizing quantity of output for a perfectly competitive firm can be found by identifying the intersection between the marginal revenue and marginal cost curves.
  • That the total revenue received by a profit-maximizing perfectly competitive firm is divided between total cost, total variable cost, total fixed cost, and profit.
  • That a profit-maximizing perfectly competitive firm faces three short-run output alternatives based on a comparison of price, average total cost, and average variable cost.
  • Why the short-run supply curve for a perfectly competitive firm is the segment of the marginal cost curve that lies above the average variable cost curve.
  • That the short-run supply curve for a perfectly competitive firm is positively sloped due to the law of diminishing marginal returns.


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INTERNAL REVENUE SERVICE

A branch of the Department of Treasury that is responsible for collecting federal income taxes and administering the Internal Revenue Code. The Internal Revenue Service (IRS) is the office of the U.S. government that collects the tax revenue needed to purchase goods, pay administrative expenses, and finance assorted government functions. The IRS was established during the Civil War in 1862, but underwent a major overhaul in 1913 when the 16th amendment to the U.S. Constitution gave it the power to collect income taxes.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for attractive cable television service repair people.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. "

-- Andrew Carnegie, entrepreneur

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