Important Concepts from Chapter 11
Characteristics of Perfect Competition
Total Revenue, Marginal Revenue, and Average Revenue
Total Revenue, Total Cost, and Output Determination
Price Determination (Price Taker)
Four Cases of Profit/Lossess
The firm's short-run supply curve
Long Run Perfectly Competitive Equilibrium
External Economies
External Diseconomies
Analyzing Perfect Competition Exercise
Notes on External Economies and Diseconomies
Sample Test Questions
Total Revenue, Total Cost, and Profit
Profit-Maximizing Output
Three Possible Profit Outcomes in the Short-Run
A Firm's Supply Curve
Short-Run Equilibrium
Entry and Exit
