ECON 102 - M. JAVANMARD (Enhanced) (72768) Late Start: We Skipped Chapter 13 Long Run Costs

Due to time constraint (Thanksgiving), we are skipping chapter 13. Today we covered Chapter 14 Perfect Competition. We covered the following:

1. Perfect Competition What is it? *pay attention to Market VS. Individual Firm Demand curve
2. Profit Maximizing for Perfect Competitive firm. *pay attention to MC=MR and shut down point.
3. Perfect competition in the long run. *Pay attention to long run economic profits.