2. TABLE 7.1 Market Structure.

3. FIGURE 7.1 The Model of Perfect Competition.

4. EQUATION 7.1 Determining the Profit-Maximizing Level of Output

5. EQUATION 7.2 Determining the Profit-Maximizing Level of Output

6. TABLE 7.2 Calculation of Profit

7. FIGURE 7.2 The Supply Curve for the Perfectly Competitive Firm

8. TABLE 7.3 Numerical Example Illustrating the Perfectly Competitive Firm (Q measured in units; all costs, revenues, and profits measured in dollars)

9. FIGURE 7.3 Long-Run Adjustment in Perfect Competition: Entry and Exit

10. FIGURE 7.4 Adjustment in the Potato Industry

11. FIGURE 7.5 Long-Run Adjustment in Perfect Competition: The Optimal Scale of Operation

12. FIGURE 7.A1 Representative Supply Curve for a Farm Product

13. UNFIGURE 1

14. UNFIGURE 2

15. UNFIGURE 3

16. UNFIGURE 4

17. UNFIGURE 5

18. UNFIGURE 6