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2 cards from this section. Quick, good the night before a test.
What is the main goal of firms in a perfectly competitive market?
Think about what motivates any business.
What does a supply curve illustrate?
It’s a graphical representation of supply.
What is the primary objective of a firm in a perfect competition market?
Think about what businesses aim for.
True or False: A firm can sell any amount of output it produces in a perfectly competitive market.
Consider the market behavior of such firms.
Assume a firm has total revenues of $3000 and total costs of $2500. Calculate the profit and explain what the firm should consider for future production decisions.
Think about how profit plays into long-term business strategies.
If a new competitor enters the market and increases total supply, what might happen to the individual firm's price and its decision to produce?
Consider the impact of competition on pricing strategy.
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