Describe how businesses maximize profits in perfectly competitive markets.

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1.       Define perfect competition, and identify its key characteristics.

2.       Describe how businesses maximize profits in perfectly competitive markets.

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3.       Discuss the long-term outcome of perfect competition.

4.       Compare and contrast the four types of market structure.

5.       Explain how market power affects price and quantity supplied.

6.       Define perfect competition, and identify its key characteristics.

7.       Describe how businesses maximize profits in perfectly competitive markets.

8.       Discuss the long term outcome of perfect competition.

9.       Compare and contrast the four types of market structure.

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