Topic 10: Perfect competition
Key Points
- Be able to provide examples of perfectly competitive markets.
- Describe the demand curve and the profit-maximizing decision for a perfectly competitive firm.
- Analyze the shut-down decision for a firm operating at a loss.
- Understand long-run equilibrium in a perfectly competitive market.
Videos
Perfectly Competitive Market Structure
Output of a Perfectly Competitive Firm
Perfect Competition in the Long Run