Describe how businesses maximize profits in perfectly competitive markets.

What happens to the market for hotel rooms in that town?
December 25, 2020
Is Company B likely to charge a higher or a lower price for the traffic signals than Company A?
December 25, 2020

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

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

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.