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A Second Look at Firm Behavior Under Perfect Competition

In: Principles of Microeconomics

Author

Listed:
  • Martin Kolmar

    (University of St. Gallen)

Abstract

This chapter covers … how profit-maximizing firms behave in competitive markets (behavioral foundation of the supply function). how the supply function is related to marginal and average cost functions and what this says about the informational demands and effective organization of firms. the technological prerequisites for the functioning of competitive markets. how competition drives profits to zero and why this is not bad.

Suggested Citation

  • Martin Kolmar, 2017. "A Second Look at Firm Behavior Under Perfect Competition," Springer Texts in Business and Economics, in: Principles of Microeconomics, chapter 9, pages 201-220, Springer.
    • Handle: RePEc:spr:sptchp:978-3-319-57589-6_9
    DOI: 10.1007/978-3-319-57589-6_9
    as

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