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# Micro: Chapter 12b

### Midterm 3

TermDefinition
perfectly competitive lack of market share (no 1 firm has control over price in market); standardized product (don't know where your good came from); close to free entry/exit (easy for a firm to leave/join market; ex= agriculture)
profits profits = (P*Q) - TC; firms choose Q to maximize profits; can't change price bc it's a perfectly competitive market and you can't do that
marginal revenue (MR); profit-maximizing principle of marginal analysis MR = (change in total revenue) / (change in quantity); choose to increase/decrease Q based on if MR ≥ MC for 1 more; MR = price in a perfectly competitive market
MR curve for perfect competition MR=P; whatever firm sells good at is market price because you can't change the price; therefore MR=P
Created by: nicook

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