Characteristics of perfectly competitive markets 0.31
Sellers face a perfectly elastic demand for their product 3:31
The revenue of a competitive firm 7:06
- marginal revenue 11:23
- P = MR for a competitive firm 12:57
How a competitive firm maximizes profit 15:23
- Profit is maximized when marginal revenue equals marginal cost 18:05
How a competitive firm responds to a change in market price 30:11
The marginal cost curve is the competitive firm's supply curve 31:47
The firm's short-run decision to shut- down 33:55
- The competitive firm's short-run supply curve 45:08
Sunk costs 47:01
The long-run decision to exit or enter a market 52:20
- The competitive firm's long-run supply curve 54:11
The perfectly competitive firm's profit-maximization strategy 55:51
How to show the profit of a competitive firm 58:30