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Microeconomics Chapter 8 firms in perfectly competitive markets summary
ECF1100 - Microeconomics
4 Pages • Topic Notes • Year: Pre-2021
Microeconomics Hubbard/Garnett/Lewis/Obrien Chapter 8 Summary This is a detailed summary for Microeconomics chapter 8 especially for ECF1100. Extract: (Learning Objective 1) 1. EXPLAIN WHAT A PERFECTLY COMPETITIVE MARKET IS AND WHY A PERFECT COMPETITOR FACES A HORIZONTAL DEMAND CURVE. A perfectly competitive firm faces a horizontal demand curve because if the firm tried to raise its price, consumers would buy from the firm’s competitors. Since the firm can sell all the output it wants at the current market price there would be no point to trying to charge a lower price. If a firm increases the output it sells, the price will not decrease because each firm is too small to shift the market supply curve enough to lower equilibrium price.
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