Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
- Review the key characteristics of imperfectly competitive firms
- Demonstrate how to spot when imperfect competitors are earning
economic profits, taking economic losses, and breaking even
- Reveal how to identify price, quantity of output, total revenue, and
economic profits/losses on a graph for a typical firm
- Show how changes in market price and costs to the firm will alter the
price and quantity for the firm, as well as any profits or losses that the
firm had been experiencing
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