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Perfect Competition

17 Lessons 56 mins

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Introduction to Perfect Competition

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2

Perfect Competition and Why It Matters

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3

Key Concepts and Summary

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4

How Perfectly Competitive Firms Make Output Decisions

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Determining the Highest Profit by Comparing Total Revenue and Total Cost

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Comparing Marginal Revenue and Marginal Costs

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Profits and Losses With the Average Cost Curve

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The Shutdown Point

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Short-Run Outcomes For Perfectly Competitive Firms

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10

Marginal Cost and the Firm’s Supply Curve

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11

Key Concepts and Summary

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Entry and Exit Decisions in the Long Run

12

Entry and Exit Decisions in the Long Run

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13

How Entry and Exit Lead to Zero Profits in the Long Run

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The Long-Run Adjustment and Industry Types

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15

Key Concepts and Summary

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16

Efficiency in Perfectly Competitive Markets

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17

Key Concepts and Summary

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