Chapter 8: Perfect Competition

Chapter Outline

8.0 Introduction

8.1 Characteristics of Perfect Competition

8.2 Price and Quantity in Perfect Competition

8.3 Comparing Marginal Revenue and Marginal Costs

8.4 Profits and Losses in Perfect Competition

8.5 Economic Loss and Shut Down in the Short Run

8.6 How Entry and Exit Lead to Zero Profits in the Long Run

8.7 Perfect Competition and Efficiency

8.8 Key Terms

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