{"id":6432,"date":"2018-02-05T15:36:01","date_gmt":"2018-02-05T15:36:01","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/outcome-costs-and-revenue-in-a-perfectly-competitive-market\/"},"modified":"2024-04-25T21:52:21","modified_gmt":"2024-04-25T21:52:21","slug":"introduction-to-profit-in-a-perfectly-competitive-firm","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/introduction-to-profit-in-a-perfectly-competitive-firm\/","title":{"raw":"Introduction to Profit in a Perfectly Competitive Firm","rendered":"Introduction to Profit in a Perfectly Competitive Firm"},"content":{"raw":"<h2>What you'll learn to do: analyze a firm's profit margin<\/h2>\r\n<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/02\/01220557\/dices-over-newspaper-2656028_1920.jpg\"><img class=\"aligncenter wp-image-8028 \" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/02\/01220557\/dices-over-newspaper-2656028_1920-1024x683.jpg\" alt=\"Image of lettered dice that spell out, &quot;Profit, loss, risk&quot;.\" width=\"602\" height=\"401\" \/><\/a>\r\n\r\nSo far, you've learned about perfect competition and what quantity a perfectly competitive firm will want to produce. In this section, we'll examine profit and determine how much profit a perfectly competitive firm can earn, and at what point it should consider shutting down. Learn how perfectly competitive firms make their one important decision of how much to produce.","rendered":"<h2>What you&#8217;ll learn to do: analyze a firm&#8217;s profit margin<\/h2>\n<p><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/02\/01220557\/dices-over-newspaper-2656028_1920.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8028\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/02\/01220557\/dices-over-newspaper-2656028_1920-1024x683.jpg\" alt=\"Image of lettered dice that spell out, &quot;Profit, loss, risk&quot;.\" width=\"602\" height=\"401\" \/><\/a><\/p>\n<p>So far, you&#8217;ve learned about perfect competition and what quantity a perfectly competitive firm will want to produce. In this section, we&#8217;ll examine profit and determine how much profit a perfectly competitive firm can earn, and at what point it should consider shutting down. Learn how perfectly competitive firms make their one important decision of how much to produce.<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-6432\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Introduction to Profit in a Perfectly Competitive. <strong>Authored by<\/strong>: Steven Greenlaw and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>profit, risk, loss. <strong>Authored by<\/strong>: freeGraphicToday. <strong>Provided by<\/strong>: Pixabay. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/pixabay.com\/en\/dices-over-newspaper-profit-2656028\/\">https:\/\/pixabay.com\/en\/dices-over-newspaper-profit-2656028\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/cc0\">CC0: No Rights Reserved<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":29,"menu_order":6,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Introduction to Profit in a Perfectly Competitive\",\"author\":\"Steven Greenlaw and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"profit, risk, loss\",\"author\":\"freeGraphicToday\",\"organization\":\"Pixabay\",\"url\":\"https:\/\/pixabay.com\/en\/dices-over-newspaper-profit-2656028\/\",\"project\":\"\",\"license\":\"cc0\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"e83fe24b-252b-450f-a255-92a6ca2bca52","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-6432","chapter","type-chapter","status-publish","hentry"],"part":6421,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/6432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/users\/29"}],"version-history":[{"count":15,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/6432\/revisions"}],"predecessor-version":[{"id":10180,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/6432\/revisions\/10180"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/parts\/6421"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/6432\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/media?parent=6432"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=6432"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/contributor?post=6432"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/license?post=6432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}