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AP Microeconomics
Unit 4 – Imperfect Competition
Topic 4.1
Unit 4 – Imperfect Competition
4.1 Introduction to Imperfectly Competitive Markets
mixed difficulty
What does it mean when firms in imperfectly competitive markets are "inefficient" in the long run?
They maximize their profits.
They are price takers.
They produce at the lowest cost possible.
They do not feel pressure to optimize production.
Study guides (1)
AP Microeconomics - 4.1 Introduction to Imperfectly Competitive Markets
Key terms
Inefficient
Long Run
Imperfectly Competitive Markets
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