Micro: Unit 3.6 -- Perfectly Competitive Firms

Hey Everyone!  I'm Mr. Willis, and You Will Love Economics!

In this video, I will:
    - Explain the key characteristics of perfectly competitive firms
    - Discuss how perfectly competitive firms are "price takers"
    - Analyze how the size and number of firms in the industry prevents any one firm from a
       impacting market price or output
    - Explain why perfectly competitive firms have no need for non-price competition
    - Investigate how perfectly competitive firms are driven to be productively efficient in the
      long-run
    - Describe barriers to entry and how low barriers make it easy for firms to enter and exit a
      perfectly competitive industry


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