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Economics, 6/e
Stephen L. Slavin
Perfect Competition

Chapter 22 - Perfect Competition



1

The price that the perfect competitor charges is determined by and .
2

In addition to having many firms in an industry and producing an identical product, too additional characteristics of perfect competition are perfect and perfect .
3

In the long run the perfect competitor makes economic profits.
4

In the long run the perfect competitor operates at the (or lowest) point of its average total cost curve.
5

To obtain economic profits, we start with accounting profits and subtract .








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