TAILIEUCHUNG - Lecture Principles of microeconomics - Chapter 6: Perfectly competitive supply: The cost side of the market

This chapter introduces you to perfectly competitive markets and how firms in that market maximize profits. You will also discover the basis of the market supply curve and learn about price elasticity of supply. | Perfectly Competitive Supply: The Cost Side of the Market Slide 6 - Profit-Maximizing Firms and Perfectly Competitive Markets Slide 6 - Profit Maximization Profit The difference between the total revenue the firm receives from the sale of its product minus all costs Profit-maximizing firm A firm whose primary goal is to maximize profits Slide 6 - Perfect Competition Perfectly Competitive Market A market in which no individual supplier has significant influence on the market price of the product A Price taker is a firm that Has no influence over the price at which it sells its product Sells only a fraction of the market output Can sell as much output as it wishes Slide 6 - Fig. The Demand Curve Facing a Perfectly Competitive Firm Di Slide 6 - Production Terminology Factor of Production An input used in the production of a good or service Short Run A period of time sufficiently short that at least some of the firm’s factors of production cannot be changed Long .

• Kinh tế học
• Principles of microeconomics
• Lecture Principles of microeconomics
• Market imperfections
• Labour markets
• Perfectly competitive supply
• Perfectly elastic demand curve
• Ten principles of economics
• Scarce resources
• Scarcity implies choice
• Choice implies cost
• Thinking like an economist
• Economic models
• Circular flow diagram
• Production possibilities frontier
• The gains from trade
• Production possibilities
• Comparative advantage
• Absolute advantage
• Market forces
• Supply and demand
• Market economies
• Competitive markets
• Price elasticity of demand
• Price elasticity
• Midpoint method
• Demand curves
• Controls on prices
• Price ceiling
• Price floor
• Market outcomes
• Market failures
• Negative externalities
• Positive externalities
• Market inefficiency
• Public goods
• Common resources
• Types of goods
• Cost benefit analysis
• Tax system
• Federal government
• Marginal tax rate
• Budget surplus
• Costs of production
• Total revenue
• Total cost
• Opportunity costs
• Firms in competitive markets
• Average revenue
• Marginal revenue
• Sunk costs
• Monopoly resources
• Government created monopolies
• Natural monopolies
• Monopoly’s revenue
• Monopolistic competition
• Nash equilibrium
• Equilibrium for oligopoly
• Game theory
• Long run equilibrium
• Perfect competition
• Production possibility frontier
• Opportunity cost
• Rational people
• Indirect effects
• Law of demand
• Factors change demand
• Law of supply
• Market demand
• Demand intersect
• Demand determine prices
• Change in demand
• Change in supply
• Elastic demand curve
• Policy analysis with supply
• Policy analysis with demand
• Wealth creation
• Production cost
• Total surplus
• International trade
• Additional benefits of trade
• Average costs
• Break even price
• Increasing marginal costs
• Long run analysis
• Firms profit graphically
• Accounting profit
• Market effectiveness
• Monopolist pricing
• Price discrimination
• Antitrust laws
• Disruptive innovation in oligopolies
• Predatory pricing