© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 6: Price Taking: The.

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© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 6: Price Taking: The Purely Competitive Firm

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. 6-2 EXHIBIT 6.1 The Firm as a Price Taker

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 6.2 Finding the Profit-Maximizing Output Graphically 6-3

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 6.3 Determining the Profit or Loss (Panel One) 6-4

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 6.3 (continued) Determining the Profit or Loss (Panel Two) 6-5

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 6.3 (continued) Determining the Profit or Loss (Panel Three) 6-6

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 6.3 (continued) Determining the Profit or Loss (Panel Four) 6-7

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 6.4 Finding the Profit or loss 6-8

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 6.5 Minimizing a loss 6-9

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 6.6 The Long-Run Adjustment Process 6-10

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 6.7 The Competitive Firm in Long-Run Equilibrium

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 6.8 Pure Competition and Allocative Efficiency

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