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Competition II

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Session Overview

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In this lecture, we continue to learn about competition, and its implications for the supply curve for different goods. We can use this to construct the market supply curve from firms' supply curves. Now we have all the ingredients for fully understanding the basic supply and demand diagrams that launched our study of economics.

In this lecture, we will learn about the factors that influence a firm's shutdown decision. Image courtesy of johnthurm on Flickr.

Keywords: Shutdown decisions; market supply curves; short-run market equilibrium; long-run market equilibrium.

Session Activities

Readings

Read the recitation notes, which cover new content that adds to and supplements the material covered in lecture.

Before watching the lecture video, read the course textbook for an introduction to the material covered in this session:

  • [R&T] Chapter 9, "Competitive Markets for Goods and Services."
  • [Perloff] Chapter 8, "Competitive Firms and Markets." (optional)

Lecture Videos

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Resources

Check Yourself

Concept Quiz

This concept quiz covers key vocabulary terms and also tests your intuitive understanding of the material covered in this session. Complete this quiz before moving on to the next session to make sure you understand the concepts required to solve the mathematical and graphical problems that are the basis of this course.

 

Further Study

These optional resources are provided for students that wish to explore this topic more fully.

Textbook Study Materials

See the [Perloff] companion website for an overview of the main topics covered in the chapter, as well as quizzes, applications, and other related resources.

 

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