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Define the tools of Competitive market.
Competitive market:
The supply and demand model
a. The demand curve
b. The supply curve
c. Factors which cause the demand curve to move, and factors which cause the supply curve to move
d. The equilibrium price
e. How the equilibrium price changes while the supply and demand curves move
Firm effects are more important the industry effects. What does this mean? Can you think of situations where this might not be true?
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