{"id":33167,"date":"2015-10-14T02:00:55","date_gmt":"2015-10-14T06:00:55","guid":{"rendered":"http:\/\/quotulatiousness.ca\/blog\/?p=33167"},"modified":"2017-07-14T10:15:38","modified_gmt":"2017-07-14T14:15:38","slug":"introduction-to-the-competitive-firm","status":"publish","type":"post","link":"https:\/\/quotulatiousness.ca\/blog\/2015\/10\/14\/introduction-to-the-competitive-firm\/","title":{"rendered":"Introduction to the Competitive Firm"},"content":{"rendered":"<p align=\"center\"><iframe loading=\"lazy\" width=\"853\" height=\"480\" src=\"https:\/\/www.youtube.com\/embed\/muFSypea2vo\" frameborder=\"0\" allowfullscreen><\/iframe><\/p>\n<blockquote><p><strong>Published on 18 Mar 2015<\/strong><\/p>\n<p>How does a company really behave? We tend to assume profit \u2014 the bottom line \u2014 is the main motivation for a firm\u2019s actions. For most firms most of the time, this is a good assumption, especially in a competitive market. With this video, you will explore how a company maximizes profit in a competitive environment where there are many buyers and sellers.<\/p>\n<p>This idea comes with a few surprises. Does a company really control what price it sets? Or does the market determine the price? Here\u2019s a clue. If you owned an oil well, even your mother wouldn\u2019t buy your oil if she could get the same oil somewhere else for less money. Watch and find out why.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Published on 18 Mar 2015 How does a company really behave? We tend to assume profit \u2014 the bottom line \u2014 is the main motivation for a firm\u2019s actions. For most firms most of the time, this is a good assumption, especially in a competitive market. With this video, you will explore how a company [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":35193,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[831,25],"tags":[484,1026,1143],"class_list":["post-33167","post","type-post","status-publish","format-standard","hentry","category-business","category-economics","tag-competition","tag-microeconomics","tag-principlesofeconomics"],"jetpack_featured_media_url":"https:\/\/quotulatiousness.ca\/blog\/wp-content\/uploads\/2016\/06\/favicon.png","jetpack_shortlink":"https:\/\/wp.me\/p2hpV6-8CX","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/33167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/comments?post=33167"}],"version-history":[{"count":1,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/33167\/revisions"}],"predecessor-version":[{"id":33168,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/33167\/revisions\/33168"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media\/35193"}],"wp:attachment":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media?parent=33167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/categories?post=33167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/tags?post=33167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}