Southeastern University Competitive Market and Perfect Competition Worksheet
I’m trying to learn for my Micro Economics class and I’m stuck. Can you help?
Draw a graph of perfectly competitive market and explain equilibrium of the firm by choosing output level at which
a. P=MC=MR and Firm is making zero economic profit
b. P=MC=MR and Firm is making a loss
c. Explain shut down rule with the help of graph
