A-4.1  List and explain the characteristics of perfect competition.
 Use examples.

A-4.2  Draw the market demand and the demand of a single firm in
 perfect competition. Draw and explain total revenue and
 marginal revenue.

A-4.3 Identify when a firm should maximize profits, minimize losses
 or close down.

A-4.4  Establish that profit maximization is equivalent to marginal
 revenue being equal to marginal cost in the short run. Show
 it in a graph.

A-4.5 Study changes in short run demand and derive the long run
equilibrium for a firm in perfect competition.

A-4.6 Prove that the supply curve is the upsloping portion of the
marginal cost curve for a firm in perfect competition.

A-4.7 Establish that perfect competition is the most efficient type
of market. List shortcomings of perfect competition.