Graphing Perfect Competition

Young economists consider perfect competition, market demand, supply, and long-run equilibrium in this practical worksheet. There are eight multiple part questions to answer, real-world scenarios to consider, and graphs to complete.

Calculate profit and loss, plot on diagrams, and solve problems for given scenarios and variables in this 3-page worksheet. Students will obtain excellent practice after completing these pages. 

This video will guide your young economists through a practice of graphing perfect competition by prompting them to identify the errors in several graphs attempting to illustrate a perfectly competitive firm making a profit.

What happens in the long run when there is time for firms to enter and leave a market in perfect competition? 

What exactly is perfect competition, one of the four market structures, in economics?

What happens in a perfectly competitive labor market? Here is a video in which an economics instructor explains how workers and firms must set their wages based on the market

Watch as a great economics instructor illustrates a monopolistically competitive firm in long-run equilibrium on a graph, and then compares it to perfect competition.

Young economists study the graph of monopoly depicting dead weight loss and inefficiency in comparison to a graph of a perfectly competitive market.

Before you delve into a series of videos on microeconomics and imperfect competition, watch this video to get a general overview of the unit's key points, such as how demand in a monopoly is identified on a graph, oligopolies, and...

Given quantity, total cost, and a perfectly competitive firm, how much should an organization produce and what will be the profit? Watch as the concept of profit maximization is broken down and explained with real-time illustrations and...