The IB Economics syllabus requires you to understand the following:

• Assumptions of the model
• Demand curve facing the industry and the firm in perfect competition
• Profit-maximizing level of output and price in the short-run and long-run
• The possibility of abnormal profits/losses in the short-run and normal profits in the long-run
• Shut-down price, break-even price
• Definitions of allocative and productive (technical) efficiency
• Efficiency in perfect competition

This selection of resources is designed to compliment your learning of this topic, with a focus on video clips and interactive resources.



This is a very good interactive diagram to try out different scenarios buy adjusting the D=AR=MR line and/or the quantity produced.


Excellent interactive exploration of the relevant theory with multiple choice quiz questions to test your understanding(click on the image)


Via created by Javier Carrillo

mjmfoodie on Perfect Competition:

pajholden on equilibrium in perfect competition (click here to view)

richardmckenzie offers two detailed videos:

ACDCLeadership does his usual 60 seconds take on things: