🧮 Formula sheet
- 1.Profit Maximisation: MR = MC, MC cuts MR from below
- 2.Perfect Comp: P = MR = AR = MC at equilibrium
- 3.Monopoly: P > MR; Lerner Index = (P − MC)/P
- 4.Total Revenue (TR) = P × Q
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Business Economics + Business & Commercial Knowledge
Ch 3 · Market Structures
5 concept points · 4 formulas · 4 exam-critical points.