The Meaning of Competition

The Meaning of Competition

The Meaning of Competition

Revenue of a Competitive Firm

Revenue of a Competitive Firm

Revenue of a Competitive Firm

Revenue of a Competitive Firm

Revenue of a Competitive Firm

Revenue of a Competitive Firm

Profit Maximization for the Competitive Firm

Profit Maximization for the Competitive Firm...

Profit Maximization for the Competitive Firm

Profit Maximization for the Competitive Firm

The Marginal-Cost Curve and the Firm’s Supply Decision...

The Firm’s Short-Run Decision to Shut Down

The Firm’s Short-Run Decision to Shut Down

The Firm’s Short-Run Decision to Shut Down

The Firm’s Short-Run Decision to Shut Down...

The Firm’s Short-Run Decision to Shut Down

The Firm’s Long-Run Decision to Exit or Enter a Market

The Firm’s Long-Run Decision to Exit or Enter a Market

The Competitive Firm’s Long-Run Supply Curve...

The Competitive Firm’s Long-Run Supply Curve

The Competitive Firm’s Long-Run Supply Curve...

The Firm’s Short-Run and Long-Run Supply Curves

Measuring Profit in the Graph for the Competitive Firm...

Measuring Profit in the Graph for the Competitive Firm...

Supply in a Competitive Market

The Short Run: Market Supply with a Fixed Number of Firms

The Short Run: Market Supply with a Fixed Number of Firms...

The Long Run: Market Supply with Entry and Exit

The Long Run: Market Supply with Entry and Exit...

The Long Run: Market Supply with Entry and Exit

Firms Stay in Business with Zero Profit

Increase in Demand in the Short Run

Increase in Demand in the Short Run...

Increase in Demand in the Short Run...

Increase in Demand in the Short Run...

Why the Long-Run Supply Curve Might Slope Upward

Marginal Firm

Summary

Summary

Summary

Summary