In this video about perfect competition market with its features has been explained.Also how price is determined in the market,why firm make supernormal profits in short run?,what happen if supernormal profits are made?,conditions for equilibrium(MR=MC),profit maximization situations on the basis of AR & AC(LOSSES,NORMAL & SUPERNORMAL PROFITS)has been discussed.
Perfect competition with features,price determination,condition for equilibrium,profit as per AR& AC
In this video about perfect competition market with its features has been explained.Also how price is determined in the market,why firm make supernormal profits in short run?,what happen if supernormal profits are made?,conditions for equilibrium(MR=MC),profit maximization situations on the basis of AR & AC(LOSSES,NORMAL & SUPERNORMAL PROFITS)has been discussed.
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