Chapter 8 Perfect Competition Use the graphing tool below to answer the following questions. The answers can be downloaded at the bottom of the page. - Illustrate the profit maximising long run equilibrium for a firm in perfect competition.
- Illustrate the equilibrium for a firm in perfect competition where average revenue is less than average total cost.
- Illustrate the loss made by a firm in perfect competition where marginal cost is greater than marginal revenue.
Click here for full instructions on how to use the graphing tool
 Graphing tool instructions
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Download the answers (the zipped folder contains a Word and PDF version):
 Chapter 8 Graphical Question
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