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Principles of Microeconomics - Lecture 12

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Lecture 12 - Competition III

Models are easy to construct, but they may not always exactly match reality. While we assume that firms maximize profits, this may not always be true, and in this lecture we start to learn why. We also start to think about how we can measure the welfare that consumers gain from participating in a market.

Prof. Jonathan Gruber
14.01 Principles of Microeconomics
(Massachusetts Institute of Technology: MIT OpenCourseWare)
Date accessed: 2012-03-01
License: Creative Commons BY-NC-SA

Lecture Material

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Supplementary lecture material is listed below.

1. Problem Set Questions (PDF)
2. Problem Set Solutions (PDF)
3. Solution Video (Problem Set 5)

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