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UA / Economics / ECON 110 / What are the main characteristics of a perfectly competitive market?

What are the main characteristics of a perfectly competitive market?

What are the main characteristics of a perfectly competitive market?

Description

School: University of Alabama - Tuscaloosa
Department: Economics
Course: Principles of Microeconomics
Professor: Tao yeh
Term: Fall 2016
Tags: Microeconomics
Cost: 50
Name: Ch. 7, 8 & 10 Study Guide
Description: This study guide covers the basic concepts for Exam 2 of Microeconomics as offered by the University of Alabama. Answers and complete definitions of the concepts covered are available in the chapter notes uploaded to Study Soup.
Uploaded: 10/17/2016
2 Pages 55 Views 2 Unlocks
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Ch. 7, 8 & 10 Study Guide


What are the main characteristics of a perfectly competitive market?



READ THESE CHAPTERS IN THE TEXTBOOK IF YOU HAVE NOT ALREADY.

Vocabulary: Fill in the blank (not necessarily a word for word definition,  but a working definition. Make sure you understand each term  thoroughly.)

∙ Fixed Costs

∙ Variable Costs

∙ Short Run

∙ Long Run

∙ Total Physical Product

∙ Average Physical Product

∙ Marginal Physical Product ∙ Marginal Revenue Product ∙ Law of Diminishing Returns ∙ Marginal Cost

∙ Total Costs

∙ Total Fixed/Variable Costs ∙ Average Cost


How does producer surplus look on a graph?



If you want to learn more check out What is measured by the steady-state assumption?

∙ Average Fixed/Variable Costs ∙ Increasing Returns to Scale ∙ Constant Returns to Scale ∙ Decreasing Returns to Scale ∙ Total Economic Profit

*Note: All definitions and  concepts for review in this  study guide can be found  

in the chapter notes  uploaded to Study Stoup.

∙ Accounting Profit

∙ Perfect Competition

∙ Price-Taker

∙ Producer Surplus

Concepts: Be able to explain each of these concepts in detail. ∙ Optimal Production

∙ Marginal-Average Rules

∙ Cost-Minimization of Two Inputs


What does profit maximization mean?



∙ The Average Revenue Curve

∙ Profit Maximization

∙ Main Characteristics for a Perfectly Competitive Market ∙ A P.C. Firm’s Demand Curve Don't forget about the age old question of How to define membership, union and intersection (hint: what should a∪a and a∩a be)?
If you want to learn more check out How do object move?

∙ Profit Maximization for P.C. Firms

∙ Shutdown of a P.C. Firm

∙ The Short Run Supply Curve for a P.C. Firm

∙ Firms Entering and Exiting the Market

∙ Producer Surplus on a Graph

Good Luck!Don't forget about the age old question of Are upside and strategic risks synonymous to each other?
Don't forget about the age old question of Why was the free soil party created?
Don't forget about the age old question of What was the treasury of atreus used for?

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