1. What is perfect competition?

2. What does the demand curve facing the individual firm look like, and why?

3. How does the firm maximize profit in the short run?

4. At what point does a firm decide to suspend operations?

5. When will a firm shut down permanently?

6. What is the break-even price?

7. What is the firm's supply curve in the short run?

8. What is the firm's supply curve in the long run?

9. What are the long-run equilibrium results of a perfectly competitive market?