{"id":639,"date":"2011-01-25T06:10:49","date_gmt":"2011-01-25T12:10:49","guid":{"rendered":"http:\/\/opengecko.com\/economics\/perfect-competition\/"},"modified":"2011-01-25T19:31:42","modified_gmt":"2011-01-26T01:31:42","slug":"perfect-competition","status":"publish","type":"post","link":"https:\/\/opengecko.com\/geckoview\/economics\/perfect-competition\/","title":{"rendered":"Perfect Competition"},"content":{"rendered":"

The IB Economics syllabus requires you to understand the following:<\/font><\/p>\n

\u2022 Assumptions of the model
\u2022 Demand curve facing the industry and the firm in perfect competition
\u2022 Profit-maximizing level of output and price in the short-run and long-run
\u2022 The possibility of abnormal profits\/losses in the short-run and normal profits in the long-run
\u2022 Shut-down price, break-even price
\u2022 Definitions of allocative and productive (technical) efficiency
\u2022 Efficiency in perfect competition<\/font><\/p>\n

This selection of resources is designed to compliment your learning of this topic, with a focus on video clips and interactive resources.<\/font><\/p>\n

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Via: <\/font>http:\/\/www.reffonomics.com<\/font><\/a><\/p>\n

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

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Excellent interactive exploration of the relevant theory with multiple choice quiz questions to test your understanding(click on the image)<\/font><\/p>\n

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Via <\/font>http:\/\/openmultimedia.ie.edu<\/font><\/a> created by <\/font>Javier Carrillo<\/font><\/a><\/p>\n

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mjmfoodie<\/font><\/strong><\/a> on Perfect Competition:<\/font><\/p>\n