Principles of Microeconomics - Chapter 14: Perfect Competition - Part 2

The short-run market supply curve for a competitive market 0:40 The long-run market supply curve for a competitive market 7:47 - If profit is positive, other firms will enter in the long-run 11:27 - If profit is negative, firms will exit in the long-run 15:18 - Perfectly competitive firms earn zero profit in the long-run 18:15 - The long-run market supply curve is perfectly elastic 23:59 Why work a job if profit is driven to zero? 25:34 The impact of a change in market demand in the short-run and long-run 30:22 - The effect of an increase in market demand 36:26 - The effect of a decrease in market demand 50:42 When might the long-run market supply slope upward? Summary of perfect competition 1:05:16 - Both consumption and production are efficient with perfect competition (DWL = 0) 1:05:48