Documents Costs Perloff Chapter 7. Economic cost business (accounting) costs: only explicit costs (out of...

Slide 1Costs Perloff Chapter 7 Slide 2 Economic cost business (accounting) costs: only explicit costs (out of pocket) economic costs: explicit cost + implicit cost = opportunity…

Documents Competitive firms and Markets Perloff chapter 8. Competition Firms are price takers. –Firms demand...

Slide 1Competitive firms and Markets Perloff chapter 8 Slide 2 Competition Firms are price takers. –Firms demand curve is horizontal. Reasons for a horizontal demand curve:…