Perfect competition 

Outcomes and activities
Define perfect competition.
True and false and other activities
1
Pen and paper activities
List the conditions necessary for perfect competition to exist.
True and false and other activities
Pen and paper activities
1 2
Explain the demand curve under perfect competition.
True and false and other activities
1
Pen and paper activities
Draw the demand curve for the product of a firm under perfect competition.
True and false and other activities
1  
Pen and paper activities
1
Draw the marginal and average cost curves of a firm.
True and false and other activities
Pen and paper activities
 
Determine the short-run equilibrium condition for a perfectly competitive firm.
True and false and other activities
 1 2 3 4
Pen and paper activities
1
Distinguish and graphically illustrate whether a firm is making an economic profit, a normal profit or an economic loss.
True and false and other activities
  1 2
Pen and paper activities
 1
Describe the equilibrium of the industry under perfect competition.
True and false and other activities
1
Pen and paper activities
1 2