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Firms in Perfectly Competitive Markets: Structure, Profit Maximization, and Efficiency

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Characteristics of Perfect Competition

  • Guided course
    Characteristics of Perfect Competition
    02:29
  • Guided course
    Market Demand and Individual Firm Demand
    03:57

Revenue, Cost, and Profit

  • Guided course
    Explicit and Implicit Cost
    05:51
  • Guided course
    Fixed Costs and Variable Costs; Short Run and Long Run
    07:54
  • Guided course
    Accounting Profit and Economic Profit
    01:59

Marginal Cost

  • Guided course
    Marginal Cost
    10:48

Market Equilibrium

  • Guided course
    Overview of Supply and Demand Shifts
    04:07

Using the Supply and Demand Curves to Find Equilibrium

  • Guided course
    Equilibrium
    04:19
  • Guided course
    Results of Both Shifting
    06:34
  • Guided course
    Demand Shifts
    06:18

Long Run Entry and Exit Decision

  • Guided course
    Long Run Exit/Enter Decision (continued)
    06:04
  • Guided course
    Long Run Exit/Enter Decision
    02:39
  • Guided course
    Long Run Exit/Enter Decision on the Graph
    09:32

Individual Supply Curve in the Short Run and Long Run

  • Guided course
    Individual Firm Supply Curve in the Long Run
    03:12
  • Guided course
    Individual Firm Supply Curve in the Short Run
    03:19

Market Supply Curve in the Short Run and Long Run

  • Guided course
    Market Supply Curve in the Long Run
    06:07
  • Guided course
    Market Supply Curve in the Short Run
    03:02

Perfect Competition and Efficiency

  • Guided course
    Efficiency in Perfect Competition
    06:46

Allocative Efficiency, Productive Efficiency, and Equality

  • Guided course
    Equality
    01:17
  • Guided course
    Efficiency and Productive Efficiency
    04:04
  • Guided course
    Allocative Efficiency
    02:23