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Lecture Microeconomics: Chapter 9 - Besanko, Braeutigam

Chapter 9 - Perfectly competitive markets. This chapter presents the following content: Introduction, perfect competition defined, the profit maximization hypothesis, the profit maximization condition, short run equilibrium, long run equilibrium. | Chapter 9 Perfectly Competitive Markets Copyright c 2014 John 1 Chapter Nine Overview 1. Introduction 3. Perfect Competition Defined 5. The Profit Maximization Hypothesis 6. The Profit Maximization Condition 7. Short Run Equilibrium Short Run Supply Curve for the Firm Short Run Market Supply Curve Short Run Perfectly Competitive Equilibrium Producer Surplus 8. Long Run Equilibrium Long Run Equilibrium Conditions Long Run Supply Curve Copyright c 2014 John Chapter Nine 2 Perfectly Competitive Markets A perfectly competitive market consists of firms that produce identical products that sell at the same price. Each firm s volume of output is so small in comparison to the overall market demand that no single firm has an impact on the market price. Copyright c 2014 John I tf . Chapter Nine SI m