ECO 365 Week 3 participation Principles of Microeconomics, Ch. 14: Firms in Competitive Markets

ECO 365 Week 3 participation Principles of Microeconomics, Ch. 14: Firms in Competitive Markets

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 ECO 365 Week 3 participation Principles of Microeconomics, Ch. 14: Firms in Competitive Markets
 

Read Ch. 14 of Principles of Microeconomics:

 

 

 

14-1 What Is a Competitive Market?, pp. 280-282
 

 

14-2 Profit Maximization and the Competitive Firm’s Supply Curve, pp. 282-289
 

 

14-3 The Supply Curve in a Competitive Market, pp. 289-295
 

 

Consider the following as you read:

 

 

 

Understand how consumers influence the market price of goods it sells.
 

 

Understand the term market power.
 

 

Understand the types of cost: fixed, variable, and marginal.
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