Chapter 8-Profit Maximization and Competitive Supply Chapter Outline Perfectly Competitive Markets Profit Maximization Marginal Revenue,Marginal Cost,and Profit Maximization >Choosing Output in the Short Run The Competitive Firm's Short-Run Supply Curve The Short-Run Market Supply Curve >Choosing Output in the Long Run The Industry's Long-Run Supply CurveChapter 8—Profit Maximization and Competitive Supply Chapter Outline ➢ Perfectly Competitive Markets ➢ Profit Maximization ➢ Marginal Revenue, Marginal Cost, and Profit Maximization ➢ Choosing Output in the Short Run ➢ The Competitive Firm’s Short-Run Supply Curve ➢ The Short-Run Market Supply Curve ➢ Choosing Output in the Long Run ➢ The Industry’s Long-Run Supply Curve