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精编密训教材，分阶快递。Profit Maximization
Loss Minimization
●The Long Run
Perfect Competition Adjustment:
1. The adjustment made as demand changes is that new firms enter or the current producers increase production.
2. The firms’ new average cost curves are identical with the present firms and unaffected by the adjustment process.
3. The new firms are attracted by the short run profits when demand increases and will exit from the industry when demand decreases due to the excess of supply, leading to short run losses.
●Consumer and Producer Surplus
Consumer and producer surplus results directly from a perfectly competitive market.
The gain in utility or satisfaction over costs is the consumer surplus.
The market is willing to pay the supplier more than one is willing to pay.
Chapter 11 Monopoly
●Two Important Indexes
Lerner Index: (P-MC)/P. Used to ascertain this pricing power – the great
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