Perfect Competition Assignment
List the assumptions of the perfectly competitive model:
Graphing Problem: assume the market price is $14. Use the graph below to identify the perfectly competitive firm's profit-maximizing or loss-minimizing level of output (Q).
Calculate the firm's total revenue (TR), total cost (TC), and profit assuming the firm produces this level of output.
Q = __________ TR = $__________ TC = $__________ Profit = $__________
