Market Structure - What is the equilibrium price
Worksheet 4- Market Structure
Directions: Complete the worksheet and upload it to Moodle.
Consider the following graphs depicting a perfectly competitive market.
1. What is the equilibrium price and quantity in the Market?
2. How much does the individual firm receive per unit (what is MR)?
3. How much of the product should the firm produce to maximize profit?
4. What is the firm’s Total Revenue at the profit maximizing quantity?