FOUNDATION FOR ECONOMIC EDUCATION

Prepare for the Economics Olympiad Competition

Perfect competition is a market structure in which many small firms sell identical products, are price takers, and earn zero economic profit in the long run due to free entry and exit.

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Course curriculum

    1. Overview of Perfectly Competitive Markets

    2. Perfectly Competitive Market Characteristics

    3. Efficiency in Perfect Competition

    4. Introduction to the Competitive Firm

    5. Side By Side Market & Firm in Long-Run Equilibrium

    6. Side By Side Market & Firm in the Short-Run

    7. Side-by-Side: Market & Firm in the Short Run (PROFIT Scenario)

    8. Side-by-Side: Market & Firm in the Short Run (LOSS Scenario)

    9. Side-by-Side: Market & Firm in the Short Run (SHUTDOWN Scenario)

    10. Side-by-Side: Market & Firm in Long-Run Equilibrium

    11. Long-Run Equilibrium in a Constant Cost Industry

    12. Special Case: Long-Run Equilibrium in an Increasing Cost Industry

    13. Perfect Competition Quiz

    14. Food Truck Owners Sue North Carolina Over Anti-Competitive Regulations

Additional Market Structures Modules

Economics Olympiad Prep Modules

Use these modules to prepare for success in the Economics Olympiad competition.