1. Short Run Equilibrium of the Firm Under Perfect Competition: SMC SAC E F Q P G O Price and cost AR/MR Quantity Supernormal Profit. Quantity Losses G P O Q AR/MR F E SMC SAC PRICE AND COST

2. Normal Profit SMC SAC AR/MR E Q O PRICE AND COST P Quantity

3. LONG RUN EQUILIBRIUM OF THE FIRM UNDER PERFECT COMPETITION: LMC SAC LAC AR/MR Q O P PRICE & COST QUANTITY

4. FIRM’S EQUILIBRIUM UNDER MONOPOLY: Q O MR AR/D AC MC M N E P C QUANTITY COST & REVENUE

5. Equilibrium of Monopolist under Price Discrimination: The Case of Dumping. O QH Q AR H G AR W =MR W MC A P H P W D COST & REVENUE QUANTITY MR H F E