MicroeconomicsFirst Edition

Chapter 8Supply in a Competitive Market

Copyright © 2013 by Worth Publishers

Austan Goolsbee, Steven Levitt, Chad Syverson

Table 8.1 The Four Basic Market StructuresGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.1 Market and Firm Demand in Perfect CompetitionGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.2 Profit Maximization for a Perfectly Competitive FirmGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.3 Profit Maximization for a Perfectly Competitive Firm Occurs Where MR = P = MCGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.4 Measuring ProfitGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Table 8.2 Deciding Whether to Operate at a Loss or Shut Down in the Short RunGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.5 Deciding Whether to Operate or Shut Down in the Short RunGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.6 The Perfectly Competitive Firm’s Short-Run Supply CurveGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.7 The Marginal Cost Curve for an Electricity Firm (Firm 1)Goolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.8 Deriving the Short-Run Industry Supply Curve When Firms Have the Same CostsGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.9 Short-Run Industry Supply Curve When Firms Have Different CostsGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.10 Producer Surplus for a Firm in Perfect CompetitionGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.11 Industry Producer SurplusGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.12 Differing Marginal Cost Curves across Electricity ProducersGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.12 (a) Differing Marginal Cost Curves across Electricity ProducersGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.12 (b) Differing Marginal Cost Curves across Electricity ProducersGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.12 (c) Differing Marginal Cost Curves across Electricity ProducersGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.13 The Short-Run Supply of Electricity in TexasGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.14 Positive Long-Run ProfitGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.15 Entry of New Firms Increases Supply and Lowers Equilibrium PriceGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.16 Deriving the Long-Run Industry Supply CurveGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.17 Long-Run Adjustments to an Increase in Demand in a Perfectly Competitive IndustryGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.18 Long-Run Adjustments to a Reduction in Costs in a Perfectly Competitive IndustryGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers

Figure 8.19 Firms with Different Long-Run Marginal CostsGoolsbee, Levitt, Syverson: Microeconomics, First EditionCopyright © 2013 by Worth Publishers