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1. Digital Study Guide, written by William Walstad
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After reading this chapter, you should be able to:

1. Give the names and summarize the main characteristics of the four basic market models.
2. List the conditions required for purely competitive markets.
3. Convey how purely competitive firms maximize profits or minimize losses in the short run.
4. Explain why a competitive firm's marginal-cost curve is the same as its supply curve.