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Perfect Competition Music Video

An AP Microeconomics project based on perfect competition. * EDIT: I realize that there is a mistake in the picture of the graph depicting a firm making an economic profit--the edge of the box should be at Q and not the quantity to the left of Q*. Forgive this mistake! Lyrics: -- Lucy: Yay! I wanna buy some gold! Pavs: Ok lil' girl, that's gonna be 200 bucks. Lucy: What?? How much are you charging? Vivian: Didn't you hear? It's 200 bucks all around! Lucy: Why is it all the same everywhere I've gone? Pavs: It's a magical thing called... perfect competition. Lucy: Perfect... competition? --- Let us tell you a story Of perfect competition & its glory Many firms identical products Some examples are gold and stocks Did you know, low barriers to entry Anyone can do it No market price control. The demand is perfectly elastic It's the same as P and MR, you know. Pretty pretty please, don't you ever forget That the goal is to maximize profit. Always set Q, where MR equals MC And you know that it is perfect, you see It's so good, for society No deadweight loss, just efficiency Allocative, P is MC Productive only if P's min ATC That's the short run It's different in the long run Always normal profit P's min ATC If no profit, Firms will exit the market But if there's a profit, they'll come in quickly Pretty pretty please, don't you ever forget That the goal is to maximize profit. Always set Q, where MR equals MC And you know that it is perfect, you see Econ profit if P meets MC At a place that is greater than ATC Normal profit if min ATC Is the same place where P meets MC Econ loss if it lies between The curves ATC and AVC Shut it down below min AVC That's how we do that, that's how we do that that's how we do that. Pretty pretty please, don't you ever forget That the goal is to maximize profit. Always set Q, where MR equals MC And you know that it is perfect, you see Pretty pretty please, don't you ever forget That the goal is to maximize profit. --