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Understand the conditions under which a perfectly competitive firm decides to produce in the short run.
Calculate the industry supply curve from individual firm supply curves in a perfectly competitive market.
Describe the role and impact of fixed and variable costs on a firm's production decision.
Interpret the effects of market demand changes on price and profits in the short and long run.

Definitions:

Attention-Deficit/Hyperactivity Disorder

Attention-Deficit/Hyperactivity Disorder, ADHD, is a neurodevelopmental disorder characterized by inattention, hyperactivity, and impulsiveness.

Mania

A mental state characterized by an abnormally elevated, expansive, or irritable mood, hyperactivity, and a reduced need for sleep, often seen in bipolar disorder.

Youth

The period between childhood and adult age, characterized by physical and psychological development.

Hypomania

A mild form of mania, characterized by heightened mood, energy, or irritability, but not severe enough to impede functioning.

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