Lec 7: Competition I

MIT 14.01 Principles of Microeconomics, Fall 2023
Instructor: Prof. Jonathan Gruber
View the complete course: ocw.mit.edu/courses/14-01-principles-of-microeconomics-spring-2023/
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP60V7HxLYRaJMbFzP77bzEjb

In this lecture, Prof. Gruber introduces the concept of market structure, which is how firms compete in the market. Topics covered include short-run profit maximization and short and long-run equilibrium. Keywords: competition, market, profit, maximization, short run, long run, equilibrium

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