1. How are MPL (or MPP) related to MC? Remember that MC is the "check mark" curve and represents, "if I produce one more unit of this good, how much my total cost increases by"

2. What do these curves look like.....MC, AVC, ATC, AFC.

3. How does MC affects AVC and ATC.

4. What are the assumptions of a perfectly competitive industry?

5. What does the market demand curve look like in a perfectly competitive industry?

6. What does the individual demand curve for a firm look like in a perfectly competitive industry?

7. For perfectly competitive industries, what does economic profit look like in the long run?

8. Economic profit for perfectly competitive firms is ZERO in the long run. What is the process that causes this to happen??

9. MR= MC So important!! What do we use this equation for?

10. What are economies of scale and why do they happen?

11. What's up with advertising in a perfectly competitive industry? Does it make sense for the individual firm? Does it make sense for the industry as a whole?