Concepts
- Most Efficient Market Structure
- Allocative Efficiency (P = MC)
- Relationship Between Demand and Marginal Revenue (Revenue Analysis)
- Profit Max/Loss Min
- TR Exceeds TC by Great Amount/ TC Exceeds TR by Smallest Amout
- The Market
- Demand
- Supply
- Market Equilibrium
- The Firm
- Price Taker (Perfectly Elastic Demand)
- D=P=MR=AR
- Marginal Cost (MC)
- Average Total Cost (ATC)
- Profit Maximization (MC=MR)
- Economic Profit in the Short-Run (P>ATC)
- Economic Loss in the Short-Run (P<ATC)
- Zero Economic Profit, Normal Profit, Breaking Even (P=ATC)
Overview
Coming Soon
Materials
Lecture
Profit Maximization in Perfect Competition Video
Characteristics of Perfect Competition Lecture Video
Side by Side Graphs Lecture Video
Quiz
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