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Perfect competition

Lesson Objectives

  1. Be able to provide examples of perfectly competitive markets.
  2. Describe the demand curve and the profit maximizing decision for a perfectly competitive firm.
  3. Analyze the shut-down decision for a firm operating at a loss.
  4. Understand long-run equilibrium in a perfectly competitive market.

Textbook reading

  • Chapter 14.

Non-textbook materials

Videos

Video: Perfectly Competitive Market Structure
Video Questions, Answers & Updates
Video: Output of a Perfectly Competitive Firm
Video Questions, Answers & Updates
Video: Perfect Competition in the Long Run
Video Questions, Answers & Updates

Study aids