Page 20 - FINAL CFA SLIDES DECEMBER 2018 DAY 5
P. 20
Session Unit 4:
15. The Firm & Market Structures
LOS 15.b: Explain relationships between price, marginal revenue, marginal cost, economic profit, and the
elasticity of demand under each market structure
LOS 15.d: Describe and determine the optimal price and output for firms under each market structure.
LOS 15.e: Explain factors affecting long-run equilibrium under each market structure
What happens in SR –
adjustment to Demand increase? P. 26
LR: MR = P = MC = ATC or else!
