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advertising Assume average total cost average-total-cost curve barrier to entry Blanche bundle buyers car bodies cartel Chapter competitive market competitors consider consumers courts customers decision demand curve demand factors demand price determine economic profits elasticity of demand enter the market entrant equation example Figure firm produces firm's fixed cost Harry Harry's incentive income increase incumbent firm inputs isocost isoquants long-run lower machine managers manufacturer marginal cost marginal product marginal revenue marginal revenue equals marginal-cost curve marginal-product marginal-revenue curve market price markup monopolist monopolistically competitive monopoly opportunity cost output level own-price elasticity owners percent perfectly competitive Phyllis Poobell potential predatory pricing price discrimination problem production function Professor profit-maximizing purchase quantity demanded reservation price restaurant retail returns to scale scale economies sell sheepskins short-run slope supply curve tied sale Torrido total revenue total-cost curve total-product curve trailer trash bags truck units variable cost vertical integration