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주요 내용

단원 5: Firm behavior and market structure

이 단원에 대하여

This unit covers the behavior of firms in different types of market structures. This unit begins with the definition of profits, making the distinction between accounting and economic profits, and establishing the profit-maximizing rule, using marginal analysis. In covering perfect competition, the unit focuses on determining short-run and long-run equilibrium, both for the profit-maximizing individual firm and for the industry, and on the equilibrium relationships among price, marginal and average revenues, marginal and average costs, and profits. We also explore the adjustment process to long-run equilibrium.