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Unit: Production, cost, and the perfect competition model
AP Micro:
CBA (BI)
, CBA‑2 (EU)
, PRD (BI)
, PRD‑1 (EU)
, PRD‑2 (EU)
0
AP Micro:
PRD‑1 (EU)
, PRD‑1.A (LO)
, PRD‑1.A.1 (EK)
, PRD‑1.A.2 (EK)
, PRD‑1.A.3 (EK)
Learn
Practice
- The production functionGet 3 of 4 questions to level up!
AP Micro:
PRD (BI)
, PRD‑1 (EU)
, PRD‑1.A (LO)
, PRD‑1.A.4 (EK)
, PRD‑1.A.5 (EK)
, PRD‑1.A.6 (EK)
, PRD‑1.A.7 (EK)
, PRD‑1.A.8 (EK)
Learn
Practice
- Short-run production costs: foundational conceptsGet 3 of 4 questions to level up!
- Short-run production costsGet 3 of 4 questions to level up!
AP Micro:
PRD (BI)
, PRD‑1 (EU)
, PRD‑1.A (LO)
, PRD‑1.A.10 (EK)
, PRD‑1.A.11 (EK)
, PRD‑1.A.12 (EK)
, PRD‑1.A.9 (EK)
AP Micro:
CBA (BI)
, CBA‑2 (EU)
, CBA‑2.A (LO)
, CBA‑2.C (LO)
, CBA‑2.C.1 (EK)
, CBA‑2.C.2 (EK)
Practice
- Types of profitGet 3 of 4 questions to level up!
AP Micro:
CBA (BI)
, CBA‑2 (EU)
, CBA‑2.A (LO)
, CBA‑2.D (LO)
, CBA‑2.D.1 (EK)
Practice
- Profit maximizationGet 3 of 4 questions to level up!
AP Micro:
PRD (BI)
, PRD‑2 (EU)
, PRD‑2.A (LO)
, PRD‑2.A.1 (EK)
, PRD‑2.A.2 (EK)
Practice
- Firms’ Short-Run Decisions to Produce and Long-Run Decisions to Enter or Exit a MarketGet 3 of 4 questions to level up!
AP Micro:
PRD (BI)
, PRD‑3 (EU)
, PRD‑3.A (LO)
, PRD‑3.A.1 (EK)
, PRD‑3.A.2 (EK)
, PRD‑3.A.3 (EK)
, PRD‑3.A.4 (EK)
, PRD‑3.A.5 (EK)
, PRD‑3.A.6 (EK)
, PRD‑3.A.7 (EK)
, PRD‑3.A.8 (EK)
, PRD‑3.A.9 (EK)
Learn
Practice
- Perfect competition foundational conceptsGet 3 of 4 questions to level up!
- Perfect competition in the short run and long runGet 3 of 4 questions to level up!
- Increasing, decreasing, and constant cost industriesGet 3 of 4 questions to level up!
- Efficiency and perfect competitionGet 3 of 4 questions to level up!
Up next for you:
Level up on all the skills in this unit and collect up to 1100 Mastery points!Unit test
About this unit
In economics, a "perfect" market is a theoretical market in which there are many buyers and sellers, and where no one has an advantage over others. In this unit, you'll learn how perfect markets can be used to model relationships between productivity and costs and competition between firms.AP® is a registered trademark of the College Board, which has not reviewed this resource.