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ECON2302 Reading Assessment Study Guide Module 5: Perfect Competition Openstax 8.

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ECON2302 Reading Assessment Study Guide

Module 5: Perfect Competition

Openstax 8.1

1. What are the characteristics of a perfect competition?

2. Why is a perfectly competitive firm a price taker?

Openstax 8.2

3. How does a perfectly competitive firm calculate total revenue?

4. How does a perfectly competitive firm calculate total costs?

5. How do you calculate profit given Total Revenue and Total Costs? How do you calculate profit given

the price and average total costs?

6. Explain the shape of the demand curve (and marginal revenue curve) for a perfectly competitive for. (i.e.

explain why the demand curve is perfectly elastic)

7. The price = marginal revenue = average revenue for a perfectly competitive firm. Explain why.

8. What two rules does a perfectly competitive frim apply to determine its profit maximizing quantity of

output?

9. Using marginal analysis, when are profits maximized?

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