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AP Microeconomics - Profit and Market Dynamics

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What kind of costs do accountants look at?

Explicit

How do you calculate economic profit?

total revenue - economic costs (explicit and implicit)

Higher barriers to entry create __ competition in a market.

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Institution Junior / 11th grade
Module Microeconomics

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3.3: Profit and Market Dynamics

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AP Microeconomics notes from Unit 3, Section 3: These notes cover profit, market dynamics, revenue, and entering markets.

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