Perfect Competition- Microeconomics 3.7

Hey econ students. In this video I go over the characteristics of perfect competition and explain how to draw and shift the graph. Make sure that you can calculate total revenue, total cost, and profit and show what happens on side-by-side graphs in both the short run and the long run. Also, keep in mind that perfectly competitive firms have both types of efficiency: allocative and productive. If you need more help, watch the PERFECT COMPETITION PRACTICE video in my Ultimate Review Packet. Thanks for watching!
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