Micro 3.5 Perfect Competition in the Short Run: Econ Concepts in 60 Seconds Advanced Placement

The video tutorial by Clifford from ACDC Econ explains perfect competition, one of the four market structures. It covers the characteristics of perfect competition and the two essential graphs: the market graph and the individual firm graph. The tutorial demonstrates how firms in perfect competition maximize profit by producing where marginal cost equals marginal revenue. It also includes a practical calculation of total revenue, total cost, and profit, emphasizing the importance of understanding average total cost in profit determination.

How do you determine profit in a perfectly competitive market?

What happens to a firm in the long run in a perfectly competitive market?