In this video I explain what is a perfectly competitive market, the four key characteristics of a perfectly competitive market, explain why D=AR=MR=P and how firms set price. In my next video I will explain how firms can make profits and losses in the short-run and what does a firm look like in the long-run.
In this video I explain how firms can make profits and losses in the short-run and what does a firm look like in the long-run. I explain the profit maximisation, productive and allocative efficient in the long run. In the first part I explain what is a perfectly competitive market, the four key characteristics of a perfectly competitive market, explain why D=AR=MR=P and how firms set price.
For those of you who are curious to learn more please click here to view my new booklet on perfect competition...
The world is so competitve, aggressive,
ReplyDeleteconsumive, selfish and during the time we spend here we must be all but that. See the link below
for more info.
#competitive
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