1. © 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

2. © 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

3. © 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

4. © 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

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 Two) 6-5

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 Three) 6-6

7. © 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

8. © 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

9. © 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

10. © 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

11. © 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

12. © 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