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PERFECT COMPETITION: An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that's not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.

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AVERAGE REVENUE, MONOPOLISTIC COMPETITION

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue curve.

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Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for defective microphones.
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A half gallon milk jug holds about $50 in pennies.
"Don't waste your effort on a thing that results in a petty triumph unless you are satisfied with a life of petty issues. "

-- John D. Rockefeller, industrialist

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