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Description
Flashcards by Tulsi Patel, updated more than 1 year ago
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Created by Tulsi Patel
almost 8 years ago
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| Question | Answer |
| What are the conditions for perfect competition? | 1. Large number of buyers and sellers 2. Symmetric information 3. Price takers 4. All firms are small 5. Homogenous products 6. No barriers to entry and exit |
| Profit | total revenue - fixed cost - variable cost |
| Profit maximising | MR > MC, profit rises when output and sales rise MR < MC, profit rises when output and sales fall MR = MC, profits are maximized |
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