Random Fact

The Philippines' biggest import partners are the United States (10.8%), Japan (10.8%), China (10.1%), and South Korea (7.3%).

Unit 6: Profit Maximization of a Purely Competitive Firm

Introduction
Section 1: The Four Industry Types and the Four Characteristics of Pure Competition
Section 2: Revenue, Costs, and Profit
Section 3: Average Revenue and Marginal Revenue
Section 4: Profit Maximization Using a Purely Competitive Firm's Cost and Revenue Curves
Section 5: Profit Maximization Using Data from a Table
Section 6: Long-Run Output and Profit Determination
Section 7: The Farming Industry
Test Your Knowledge!