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A-4.1 List and explain the
characteristics of perfect competition.
A-4.2 Draw the market demand and the demand of a single
;perfect competition. Draw and explain total revenue and
A-4.3 Identify when a firm should maximize profits, minimize
;or close down.
A-4.4 Establish that profit maximization is equivalent
;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
equilibrium for a firm in perfect competition.
A-4.6 Prove that the supply curve is the upsloping portion
marginal cost curve for a firm in perfect competition.
A-4.7 Establish that perfect competition is the most efficient
of market. List shortcomings of perfect competition.