{
  "id": "perfect-competition-short-run",
  "name": "Perfect competition: short-run equilibrium",
  "unit": "micro",
  "unitName": "Unit 2 · Microeconomics",
  "topic": "Perfect competition (HL)",
  "hl": true,
  "description": "The industry sets the price; the price-taking firm produces where MC = MR and may earn abnormal profit, normal profit or a loss in the short run.",
  "keywords": [
    "perfect competition",
    "price taker",
    "abnormal profit",
    "economic profit",
    "loss",
    "normal profit",
    "short run",
    "industry and firm"
  ],
  "schemaUrl": "https://graphs.lectere.com/api/v1/templates/perfect-competition-short-run",
  "previewUrl": "https://graphs.lectere.com/thumbs/perfect-competition-short-run.svg",
  "editorUrl": "https://graphs.lectere.com/graph/perfect-competition-short-run/",
  "params": [
    {
      "key": "case",
      "label": "Outcome",
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      "type": "enum",
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          "label": "Abnormal profit"
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        {
          "value": "normal",
          "label": "Normal profit"
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        {
          "value": "loss",
          "label": "Loss"
        }
      ]
    },
    {
      "key": "shade",
      "label": "Shade profit / loss",
      "default": true,
      "type": "boolean"
    },
    {
      "key": "avc",
      "label": "Show AVC",
      "default": true,
      "type": "boolean"
    }
  ],
  "defaults": {
    "case": "profit",
    "shade": true,
    "avc": true
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  "panels": [
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      "id": "industry",
      "title": "Industry",
      "xLabel": "Quantity",
      "yLabel": "Price",
      "xRange": [
        0,
        10
      ],
      "yRange": [
        0,
        10
      ],
      "axisKeys": {
        "x": "industry:x",
        "y": "industry:y"
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    },
    {
      "id": "firm",
      "title": "Firm",
      "xLabel": "Output",
      "yLabel": "Costs, revenue",
      "xRange": [
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        10
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        10
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  "labels": [
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      "key": "industry:title",
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      "panel": "industry"
    },
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      "key": "industry:y",
      "default": "Price",
      "hint": "Vertical axis",
      "panel": "industry"
    },
    {
      "key": "industry:x",
      "default": "Quantity",
      "hint": "Horizontal axis",
      "panel": "industry"
    },
    {
      "key": "industry.d",
      "default": "D",
      "hint": "Curve",
      "panel": "industry"
    },
    {
      "key": "industry.s",
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      "panel": "industry"
    },
    {
      "key": "industry.e:y",
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      "hint": "Vertical-axis value",
      "panel": "industry"
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    {
      "key": "firm:title",
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    },
    {
      "key": "firm:y",
      "default": "Costs, revenue",
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      "panel": "firm"
    },
    {
      "key": "firm:x",
      "default": "Output",
      "hint": "Horizontal axis",
      "panel": "firm"
    },
    {
      "key": "firm.profit",
      "default": "Abnormal profit",
      "hint": "Shaded area",
      "panel": "firm"
    },
    {
      "key": "firm.ar",
      "default": "P = MR\n= AR",
      "hint": "Curve",
      "panel": "firm"
    },
    {
      "key": "firm.avc",
      "default": "AVC",
      "hint": "Curve",
      "panel": "firm"
    },
    {
      "key": "firm.atc",
      "default": "ATC",
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      "panel": "firm"
    },
    {
      "key": "firm.mc",
      "default": "MC",
      "hint": "Curve",
      "panel": "firm"
    },
    {
      "key": "firm.pe",
      "default": "P_e",
      "hint": "Axis mark",
      "panel": "firm"
    },
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      "key": "firm.mcmr:x",
      "default": "q_e",
      "hint": "Horizontal-axis value",
      "panel": "firm"
    },
    {
      "key": "firm.c:y",
      "default": "ATC",
      "hint": "Vertical-axis value",
      "panel": "firm"
    }
  ],
  "elements": [
    {
      "key": "industry.d",
      "kind": "curve",
      "label": "D"
    },
    {
      "key": "industry.s",
      "kind": "curve",
      "label": "S"
    },
    {
      "key": "industry.e",
      "kind": "point"
    },
    {
      "key": "industry.across",
      "kind": "line"
    },
    {
      "key": "firm.profit",
      "kind": "area",
      "label": "Abnormal profit"
    },
    {
      "key": "firm.ar",
      "kind": "curve",
      "label": "P = MR\n= AR"
    },
    {
      "key": "firm.avc",
      "kind": "curve",
      "label": "AVC"
    },
    {
      "key": "firm.atc",
      "kind": "curve",
      "label": "ATC"
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    {
      "key": "firm.mc",
      "kind": "curve",
      "label": "MC"
    },
    {
      "key": "firm.pe",
      "kind": "tick",
      "label": "P_e"
    },
    {
      "key": "firm.mcmr",
      "kind": "point"
    },
    {
      "key": "firm.c",
      "kind": "point"
    }
  ],
  "stats": null,
  "example": {
    "template": "perfect-competition-short-run",
    "params": {
      "case": "profit",
      "shade": true,
      "avc": true
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}