| After reading this chapter, you should know | |
| LO22-1 | How profits are computed. |
| LO22-2 | The characteristics of perfectly competitive firms. |
| LO22-3 | How a competitive firm maximizes profit. |
| LO22-4 | When a firm will shut down. |
| LO22-5 | The difference between production and investment decisions. |
| LO22-6 | What shapes or shifts a firm's supply curve. |