University of Arkansas Martin Fayetteville, AR Spring 2010
Principles of Microeconomics
Department of Economics WCOB 260, Phone 575-4068 JMartin@walton.uark.edu
ECON 2023 002 Principles of Microeconomics Monday/Wednesday/Friday 12:30-1:20 W.J.Wal
Characteristics of Perfect Competition
1. 2. 3.
Many buyers and many sellers. The goods offered for sale are largely the same. Firms can freely enter or exit the
Because of 1 & 2, each buyer and seller is a
price taker takes the price as given.
Graphing: a brief review Graphs purposes:
Visually express ideas that might be less clear if described with equations or words Powerful way of finding and interpreting patterns
Graphs of a single variable
Pie chart Bar graph Time-series graph