Principles of Microeconomics - Chapter 14: Perfect Competition - Part 1

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