ECO 202
Module 7 - Course Objectives

Competition

13.1  Explain a perfectly competitive firm's profit-maximizing choices and derive its supply curve.

13.2  Explain how output, price, and profit are determined in the short run.

13.3  Explain how output, price, and profit are determined in the long run.

Assessment  Method

A.  Do the Self-Test questions in your Study Guide as if they were real exam questions, which means do them without looking at the answers. 

B.  You will learn the most from right answers you had to struggle for, and from your wrong answers and mistakes.  Only after you have attempted all the questions should you look at the answers in your Study Guide. 

C.  When you check your answers, be sure to understand where you went wrong and why the right answer is correct.

Take Self-Test 13.1, and Self-Test 13.2, and Self-Test 13.3 in your Study Guide before taking Exam #2.