Structure ◆ Market environments o Market demand for a competitive firm Short-run supply decision O Upward sloping Mc curve ●Shut- down condition Long-run supply decision Comparing long-run and short-run decisions Producers surplus and profitsStructure ◆ Market environments ◆ Market demand for a competitive firm ◆ Short-run supply decision ⚫Upward sloping MC curve ⚫Shut-down condition ◆ Long-run supply decision ◆ Comparing long-run and short-run decisions. ◆ Producer’s surplus and profits