Chapter 13 Perfect Competition

Chapter 13 Perfect Competition

Author: Matthew Lonn

Students will analyze the basic characteristics of firms that display perfect competition.

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Questions you should be able to answer after the lesson.

1. What are the four different types of market structures?

2. What are the characteristics of a perfectly competitive firm?

3. Can you correctly draw the cost curves correctly for a perfectly competitive firm making a profit, breaking even and taking a loss.

4.Can you identify the shutdown point and point of production for a perfectly competitive firm.

Chapter 13 Notes

Perfect Competition in the short run

Perfect Competition in the long run