ECON 111 Chapter Notes - Chapter 9: Bachelor Of Applied Science, Pearson Education, Active Valve Control System

• School: Queen's University
• Department: Economics
• Course: ECON 111
• Professor: Xiaoran (Sheldon) Guo

Document Summary

Ragan, microeconomics, 15th canadian edition, toronto: pearson canada inc. , The material in this document is taken from the mentioned source and should be used for reference only. The document compiler cannot assure 100% accuracy as there may be errors present in this document. The mentioned source should be used if there is any doubt on information accuracy. In addition, without permission from the owners (direct or indirect), the material in this document cannot be reproduced. 9. 2: the theory of perfect competition 1. The demand curve for a perfectly competitive firm 2. The supply curve for one firm 5. The supply curve for an industry 5. Short-run equilibrium in a competitive market 6. Competitive markets: market power: the ability of a firm to influence the price of its product, a market is said to be competitive when its firms have little or no market power. No need to compete against one another since no one has market power.