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10: Competitive Markets

Last updated

Jan 4, 2021
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- 9.3: Economic Profit
- 10.1: Perfect Competition

Boundless
Boundless

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Topic hierarchy

10.1: Perfect Competition
Perfect competition is a market structure that leads to the Pareto-efficient allocation of economic resources.
10.2: Production Decisions in Perfect Competition
Output is the amount of a good produced; revenue is the amount of income made from sales minus all business expenses.
10.3: Long-Run Outcomes
The long-run supply curve in a perfectly competitive market has three parts; a downward sloping curve, a flat portion, and an upwards sloping curve.

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