File:CompetitiveMarket-Wiki.jpg
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Summary[edit]
| Description |
English: Depicts Equilibrium and Economic Profit in a "Competitive Market". A "Competitive Market" has many firms who supply goods to a Market, in which Consumers purchase these goods at the "Market Price". Firms and Consumers interact (Buying and selling) in the Market, and this interaction establishes a "Market Price" that ensures Firms are not left with a Surplus they can't sell, and there isn't a Scarcity of supply that prevents Consumers from buying exactly what they Demand at the given Price.
The Picture shows the Market for the Industry, as well as 2 of the (many) Firms that supply the Market. The Picture of the 2 Firms shown here are used only as an example of the individual Firms that supply a Competitive Market, and how they fit within the Market. |
| Date | |
| Source | Own work |
| Author | Mgmwki - example of a text book that contains this is noted[1] |
| Permission (Reusing this file) |
This is considered "General Knowledge" amongst all Economists - In Economics Classes in College. |
| Other versions | You can Find this in various forms in any Micro Economics Text Book, Journal Article. |
You may Find various representations of the same thing in various Micro Economics Books. This includes both Graduate Level and Undergraduate Level books, as well as some very popular books like the 'Economics for Dummies' book(s).[2] [3] [4] [1]
References[edit]
- ↑ a b Henderson, James M., and Richard E. Quandt, "Micro Economic Theory, A Mathematical Approach. 3rd Edition", New York: McGraw-Hill Book Company, 1980. Glenview, Illinois: Scott, Foresmand and Company, 1988.
- ↑ Bradley R. chiller, "Essentials of Economics", New York: McGraw-Hill, Inc., 1991.
- ↑ Edwin Mansfield, "Micro-Economics Theory and Applications, 3rd Edition", New York and London:W.W. Norton and Company, 1979.
- ↑ Roger LeRoy Miller, "Intermediate Microeconomics Theory Issues Applications, Third Edition", New York: McGraw-Hill, Inc, 1982.
Licensing[edit]
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I, the copyright holder of this work, release this work into the public domain. This applies worldwide. In some countries this may not be legally possible; if so: I grant anyone the right to use this work for any purpose, without any conditions, unless such conditions are required by law. |
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| Date/Time | Thumbnail | Dimensions | User | Comment | |
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| current | 04:03, 2 February 2011 | | 1,055 × 430 (68 KB) | Mgmwki (talk | contribs) | {{Information |Description ={{en|1= Depicts Equilibrium and Economic Profit in a "Competitive Market". A "Competitive Market" has many firms who supply goods to a Market, in which Consumers purchase these goods at the "Market Price". |
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