157

157

7.1 Explicit and Implicit Costs, and Accounting and Economic Profit

159

7.2 Production in the Short Run

161

7.3 Costs in the Short Run

165

7.4 Production in the Long Run

172

7.5 Costs in the Long Run

174

Key Terms
Key Concepts and Summary

182

182

Self-Check Questions

184

Review Questions

185

Critical Thinking Questions

185

Problems

186

Access for free at openstax.org
CHAPTER 8
Perfect Competition
Introduction to Perfect Competition

187

187

8.1 Perfect Competition and Why It Matters

188

8.2 How Perfectly Competitive Firms Make Output Decisions

189

8.3 Entry and Exit Decisions in the Long Run

204

8.4 Efficiency in Perfectly Competitive Markets

206

Key Terms

209

Key Concepts and Summary

209

Self-Check Questions

210

Review Questions

211

Critical Thinking Questions

212

Problems

213

CHAPTER 9
Monopoly
Introduction to a Monopoly
9.1 How Monopolies Form: Barriers to Entry

215

215

217
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