Documents FIRMS IN COMPETITIVE MARKETS. Overview Now that we understand firm production and costs, we will...

Slide 1FIRMS IN COMPETITIVE MARKETS Slide 2 Overview Now that we understand firm production and costs, we will examine how firms make decisions regarding prices and quantities…

Education Prinecomi lectureppt ch09

1. Firms in a Competitive Market9 2. Previously • Economists break cost into two components – Explicit costs (can be easily calculated) – Implicit costs (are hard to…