Principles of Microeconomics Chapter 14 Firms in Competitive Markets

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Revision of Chapter 14: Firms in Competitive Markets, Principles of Microeconomics, N. Gregory Mankiw. • Ever wondered what is competition? What is competitive market and what are profit maximization techniques for companies in competitive market? • This free online crash course covers the main concepts of Competition and Competitive Markets. Additionally, it covers the topic of revenue of competitive firm and profit maximization approach. Throughout the course the situations under which short-term shut down or long-term market exit are efficient solutions for companies in competitive market. Finally, the course will also touch upon the behavior of supply curve in competitive market. • This crash course covers: • What is a Competitive Market?:The meaning of competition • What is a Competitive Market?:The Revenue of a competitive firm • Profit Maximization and the Competitive Firm’s Supply Curve: A Simple Example of Profit Maximization • Profit Maximization and the Competitive Firm’s Supply Curve: The Marginal-Cost Curve and the Firm’s Supply Decision • Profit Maximization and the Competitive Firm’s Supply Curve: The Firm’s Short-Run Decision to Shut Down • Profit Maximization and the Competitive Firm’s Supply Curve: The Firm’s Long-Run Decision to Exit or Enter a Market • The Supply Curve in a Competitive Market • The Supply Curve in a Competitive Market: The Short Run: Market Supply with a Fixed Number of Firms • The Supply Curve in a Competitive Market: The Long Run: Market Supply with Entry and Exit • The Supply Curve in a Competitive Market-Why Do Competitive Firms Stay in Business If They Make Zero Profit? • The Supply Curve in a Competitive Market: A Shift in Demand in the Short Run and Long Run • The Supply Curve in a Competitive Market: Why the Long-Run Supply Curve Might Slope Upward • • This course is part of ECON 121 Principles of Microeconomics free online course. This course examines basic principles of microeconomics including core elements of supply and demand, opportunity cost, market equilibrium, elasticity, and income distribution. • Course Materials: • Principles of Microeconomics (6th or newer edition, South-Western Cengage Learning) by N. Gregory Mankiw (Previous or subsequent editions can be consulted too, though cases and examples considered will be from 6th edition.) • Materials Used: • Music: https://www.bensound.com

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