Micro: Unit 3.6 -- Perfectly Competitive Firms

Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
- Explain the key characteristics of perfectly competitive firms
- Discuss how perfectly competitive firms are "price takers"
- Analyze how the size and number of firms in the industry prevents any one firm from a
impacting market price or output
- Explain why perfectly competitive firms have no need for non-price competition
- Investigate how perfectly competitive firms are driven to be productively efficient in the
long-run
- Describe barriers to entry and how low barriers make it easy for firms to enter and exit a
perfectly competitive industry
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[@lw7915]

This is really helpful. I’m hoping to learn more about economics, so thank you very much!

[@koko94727]

wow, so insightful. thanks for adding to the body of knowledge.

[@nazaninfariba3895]

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[@carl___________]

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[@mohamedabdirashid8235]

Thank u ur explanation on🔝

[@sarahbrodin9409]

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[@WijthaGayan]

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[@magicofgardenshwetapandey4448]

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[@Charlesisverycoolandswag]

Nice