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ECO101— PRINCIPLES OF MICROECONOMICS—Notes Perfect Competition and Monopoly Overview Having examined the production and costs side of the firm’s decision-making in Chapters 6 and 7, we will now integrate costs and revenues to examine how firms determine prices and output levels under different...

Chapter 9... Price and Output Under Perfect Competition Figure 9.1 Price Determination in the Market Period With the quantity supplied fixed at 350, the market supply curve of the commodity is S. With D as the market demand curve, the equilibrium price is $35. At prices higher than $35, there...