Y1 - Microeconomics

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Lectures

Week 5

Maastricht University · Economics and Business Economics

Y1 - Microeconomics

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Week 5
chapter 8 : competitive firms and markets
defining a perfectly competitive market
profit maximisation
deriving the short-run supply curve under perfect competition
deriving the long-run supply curve under perfect competition
chapter 9 : perfect competition and welfare
zero-profit in the long run
consumer welfare
producer welfare
welfare properties of competitive equilibrium

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