Market structures – perfect competition

Market structures – Perfect competition

Market Structures ,[object Object],[object Object]

Classification of market structures ,[object Object],[object Object],[object Object],[object Object],[object Object]

Major features that determine market structure ,[object Object],[object Object],[object Object]

What we analyze in all Market Structures… ,[object Object],[object Object],[object Object],[object Object],[object Object]

Profit ,[object Object],[object Object]

Perfect competition ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The Meaning of Competition ,[object Object],[object Object],[object Object]

The Meaning of Competition ,[object Object],[object Object]

Revenue of a Competitive Firm ,[object Object],[object Object]

Revenue of a Competitive Firm ,[object Object]

Total, Average, and Marginal Revenue for a Competitive Firm

Profit Maximization for the Competitive Firm ,[object Object],[object Object]

Short run price and output determination ,[object Object],[object Object],[object Object],[object Object],[object Object]

Conditions for Profit Maximization ,[object Object],[object Object]

Price and output determination for a perfectly competitive firm D S Q Q P P Industry Firm P * P * AC MC Q * Q * E C B A AR = MR

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object]

Measuring Profit in the Graph for the Competitive Firm... Quantity 0 Price P = AR = MR ATC MC P Profit-maximizing quantity A Firm with Profits Profit Q ATC

Measuring Profit in the Graph for the Competitive Firm... Quantity 0 Price P = AR = MR ATC MC P Q Loss-minimizing quantity A Firm with Losses Loss ATC

Long run equilibrium of the firm and industry ,[object Object],[object Object],[object Object],[object Object],[object Object]

Long run equilibrium of the firm and industry ,[object Object],[object Object]

Long run equilibrium of the firm and industry ,[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object]

Types of Efficiencies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Types of Efficiencies ,[object Object],[object Object],[object Object],[object Object]

Types of Efficiencies ,[object Object],[object Object],[object Object]

Types of Efficiencies ,[object Object]

Types of Efficiencies ,[object Object],[object Object]

Efficiency of Perfect Competition ,[object Object],[object Object],[object Object],[object Object],[object Object]

Disadvantages of Perfect Competition ,[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object]

Main factors that lead to monopoly are: ,[object Object],[object Object],[object Object],[object Object],[object Object]

Market structures – perfect competition

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Market structures – perfect competition