Perfect Competition

TOPIC:            Perfect Competition

DATE:            TO BE ANNOUNCED

TEXT REFERENCES:    Mankiw, Chapter 14

1.    Assumptions of perfect competition   

2.    The short run model that shows the possibilities of profit or loss to the perfectly competitive firm

3.    The long run in perfect competition

    A.    Why there are no economic profits

    B.    The implications of an increase in demand for both the short run and the long run