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AP Microeconomics
Unit 3 – Production, Cost, and the Perfect Competition Model
Topic 3.6
What determines the price in a perfectly competitive market?
Marginal revenue (MR) of individual firms.
Equilibrium price determined by supply and demand.
Total variable cost (TVC) of firms in the market.
Average total cost (ATC) of firms in the market.
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AP Microeconomics - 3.6 Firms' Short-Run Decisions to Produce and Long-Run Decisions to Enter or Exit a Market
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Perfectly Competitive Market
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About Fiveable
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Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Crisis Text Line
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© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
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