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In this chapter, look for the answers to
these questions:
▪ What is a perfectly competitive market?
▪ What is marginal revenue? How is it related to
total and average revenue?
▪ How does a competitive firm determ he
ty that izes profits?
▪ When might a competitive firm shut down in the
short run? Exit the market in the long run?
▪ What does the market supply curve look like in the
short run? In the long run?
CHAPTER 14 FIRMS OMPETITIVE MARKETS
Introduction: A Scenario
▪ Three years after graduating, you run your own
business.
▪ You have to decide how much to produce, what
price to charge, how many workers to hire, etc.
▪ What factors should affect these decisions?
• Your costs (studied in preceding chapter)
• How much competition you face
▪ We begin by studying the behavior of firms in
perfectly competitive markets.
CHAPTER 14 FIRMS OMPETITIVE MARKETS
Characteristics of Perfect Competition
1. Many buyers and many sellers
Ma y buyers and many sellers
2. The goods offered for sale are largely the same.
3. FirmsFirms cancan lyly enterenter oror exitexit thethe market.market.
▪ Because of 1 2, each buyer and seller is a
“price taker” – takes the price as given.
CHAPTER 14 FIRMS OMPETITIVE MARKETS
The Revenue of a Competitive Firm
▪ Total revenue (TR) TR = P x Q
TR
▪ Average revenue (AR) AR = = P
Q
▪ Marginal Revenue (MR):
∆TR
The change in TR from MR =
∆Q
selling
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