1. Market structure – identifies how a market is made up in terms of: The number of firms in the industry The nature of the product produced The degree of monopoly…
Slide 1Perfect Competition Jeremy Wong & Cynthia Ji Slide 2 A market where no participants are large enough to set the price of a product Many conditions exist for a…
Slide 1CRC Economics1 Slide 2 2 Exercises Econ 304 Chapter 13 Slide 3 CRC Economics3 Do you know … how to calculate different types of profits? how to calculate and graph…
1. Supply 2. • A consumer can demand for a good only if the good is available. A Producer / seller makes the goods available to the consumer. i.e. A producer/seller SUPPLIES…
Slide 1 Slide 2 Revenue curves of the business As a business we need to know the most profitable output we can produce. To find out how we can be the most profitable we need…
Principles of MicroEconomics: Econ102 * of 21 ……………meets the conditions of: Many buyers and sellers: all participants are small relative to the market. All firms…
Monopoly! Review: Perfect Competition In perfect competition: Firms are price takers Marginal revenues are constant (MR=P) Firms cannot control price, but can control quantity…
Revenue Curves, Types of Profits. Revenue Curves, Types of Profits. Revenue curves of the business As a business we need to know the most profitable output we can produce.…