What are the characteristics of price-taker markets? What do each of these characteristics mean for a market? What is the decision rule for firms to maximize profits? What happens to total revenue for a good with an elastic demand if the price increases? Why? What do economists consider for profit that accountants don't? Give two examples that would fit in this difference. Graph the MC, ATC, AVC, and AFC curves (a sketch is fine, specific numbers are not needed). What happens in a perfectly competitive market if the market price is below firms' minimum average total cost? Describe that shift from the short run to the long run.