Microeconomics,, 16th Canadian Edition
- 8A.2 Cost Minimization
a. The Principle of Substitution
- 9 Competitive Markets
A. Chapter Outline
B. Learning Objectives (LO)
C. 9.1 Market Structure and Firm Behaviour
- Competitive Markets
- Competitive Behaviour
D. 9.2 The Theory of Perfect Competition
- The Assumptions of Perfect Competition
E. The Demand Curve for a Perfectly Competitive Firm
- Total, Average, and Marginal Revenue
F. 9.3 Short-Run Decisions
- Should the Firm Produce at All?
- How Much Should the Firm Produce?
- Short-Run Supply Curves
a. The Supply Curve for One Firm
b. The Supply Curve for an Industry
- Short-Run Equilibrium in a Competitive Market
G. 9.4 Long-Run Decisions
- Entry and Exit
a. An Entry-Attracting Price
b. An Exit-Inducing Price
c. The Speed of Exit
- Long-Run Equilibrium
a. Conditions for Long-Run Equilibrium
- Changes in Technology
