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AP Microeconomics
Unit 4 – Imperfect Competition
Topic 4.1
What does it mean when firms in imperfectly competitive markets are "inefficient" in the long run?
They are price takers.
They produce at the lowest cost possible.
They maximize their profits.
They do not feel pressure to optimize production.
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AP Microeconomics - 4.1 Introduction to Imperfectly Competitive Markets
Key terms
Inefficient
Long Run
Imperfectly Competitive Markets
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About Us
About Fiveable
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Careers
Testimonials
Code of Conduct
Terms of Use
Privacy Policy
CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Crisis Text Line
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© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
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