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Assignments for Microeconomics Chapter 4

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.