Economics (McConnell), AP* Edition, 20th EditionChapter 10:
Pure Competition in the Short Run After studying this chapter, you should be able to: LO 10.1 | Give the names and summarize the main characteristics of the four basic market models. | LO 10.2 | List the conditions required for purely competitive markets. | LO 10.3 | Explain how demand is seen by a purely competitive seller. | LO 10.4 | Convey how purely competitive firms can use the total-revenue–total-cost approach to maximize profits or minimize losses in the short run. | LO 10.5 | Explain how purely competitive firms can use the marginal-revenue–marginal-cost approach to maximize profits or minimize losses in the short run. | LO 10.6 | Explain why a competitive firm's marginal cost curve is the same as its supply curve. |
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