Lecture on Firms in Competitive Markets

Principle purpose of this lecture is to presentation on Firms in Competitive Markets. this lecture briefly explain on the perfectly competitive market, marginal revenue and how is it related to total and average revenue. This lecture also focus on how does a competitive firm determine the quantity that maximizes profits and when might a competitive firm shut down in the short run and how exit the market in the long run. Finally explain what does the market supply curve look like in the short run and in the long run. General discussion is Zero-Profit Condition and the Efficiency of a Competitive Market.