TAILIEUCHUNG - Lecture Microeconomics (5th edition): Chapter 9 - Besanko, Braeutigam

Chapter 9 - Perfectly competitive markets. This chapter presents the following content: Introduction, perfect competition defined, the profit maximization hypothesis, the profit maximization condition, short run equilibrium, long run equilibrium. | Perfectly Competitive Markets Chapter 9 Copyright (c)2014 John Wiley & Sons, Inc. 1 1 2 Chapter Nine Overview Introduction Perfect Competition Defined The Profit Maximization Hypothesis The Profit Maximization Condition Short Run Equilibrium Short Run Supply Curve for the Firm Short Run Market Supply Curve Short Run Perfectly Competitive Equilibrium Producer Surplus Long Run Equilibrium Long Run Equilibrium Conditions Long Run Supply Curve Chapter Nine Copyright (c)2014 John Wiley & Sons, Inc. 3 Chapter Nine A perfectly competitive market consists of firms that produce identical products that sell at the same price. Each firm’s volume of output is so small in comparison to the overall market demand that no single firm has an impact on the market price. Perfectly Competitive Markets Copyright (c)2014 John Wiley & Sons, Inc. 4 Chapter Nine A. Firms produce undifferentiated products in the sense that consumers perceive them to be identical B. Consumers have perfect information about the

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• Consumer theory
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