4 Product Market Structures
6/21/2017 Jacob Reed
Since Firm Behavior and Market Structures comprises 25-35% of the Advanced Placement (AP) Microeconomics Exam, I expect this will definitely be an important topic to review for any student preparing for an AP, IB or college level Microeconomics Principles exam. Below you will find a breakdown of all 4 product market structures. When you are done reading, head to the 22 question Product Market Structures Flash review game to help you prepare.
- Produce the quantity where MR=MC
- Price at Demand
- Temporarily shut down when price falls below Average Variable Cost (AVC) at the profit maximizing quantity.
- Profit/loss is determined by the gap between the ATC and the firm’s demand curve at the profit maximizing quantity (MR=MC).
Review Game: Product Market Structures Review, Shading Practice, and Prices, Points, and Quantities
Content Review Page: Perfect Competition
Other recommended resources: mjmfoodie (4 market Structures), No Bull Economics (Perfect Competition), ACDC Leadership (Monopolistic Competition), Jason Welker (Oligopoly), ACDC Leadership (Monopoly)