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McConnell Microeconomics 13CE CH 8 - Perfect Competition
in the Short Run
CHAPTER 8
PERFECT COMPETITION IN THE SHORT RUN
CHAPTER OVERVIEW
This chapter is the first of three closely related chapters analyzing the four basic market models—perfect
competition, monopoly, monopolistic competition, and oligopoly. Here the market models are introduced
and explained, which makes this the longest and perhaps most difficult of the three chapters.
Explanations and characteristics of the four models are outlined at the beginning of this chapter. Then
the characteristics of a perfectly competitive industry are detailed. There is an introduction to the
concept of the perfectly elastic demand curve facing an individual firm in a perfectly competitive industry.
Next, the total, average, and marginal revenue schedules are presented in numeric and graphic form.
Using the cost schedules from the previous chapter, the idea of profit maximization is explored.
The total-revenue—total-cost approach is analyzed first because of its simplicity. More space is devoted
to explaining the MR = MC rule, and to demonstrating that this rule applies in all market structures, not
just in perfect competition.
Next, the firm’s short-run supply schedule is shown to be the same as its marginal-cost curve at all points
above the average-variable-cost curve. Then the short-run competitive equilibrium is discussed at the
firm and industry levels.
WHAT’S NEW
This was Chapter 7 in the 12th edition.
Long run analysis of Perfect competition has been moved to Chapter 9.
A new “Last Word…Fixed Costs: Digging Yourself Out of a Hole” has been added.
Terms and Concepts have been updated to reflect removal of the long run analysis.
INSTRUCTIONAL OBJECTIVES
After completing this chapter, students should be able to:
1. List the four basic market models and characteristics of each.

2. Describe characteristics of a perfectly competitive firm and industry.
3. Explain how a perfectly competitive firm views demand for its product and marginal revenue from
each additional unit sale.
4. Compute average, total, and marginal revenue when given a demand schedule for a perfectly
competitive firm.
5. Use both total-revenue—total-cost and marginal-revenue—marginal-cost approaches to determine
short-run price and output that maximizes profits (or minimizes losses) for a competitive firm.
6. Find the short-run supply curve when given short-run cost schedules for a competitive firm.
7. Explain how to construct an industry short-run supply curve from information on single
competitive firms in the industry.
8. Define and identify terms and concepts listed at the end of the chapter.
Copyright © 2013 McGraw-Hill Ryerson Ltd. Page 1 of 19

McConnell Microeconomics 13CE CH 8 - Perfect Competition in the Short-Run
COMMENTS AND TEACHING SUGGESTIONS

1. Urge students to practice their understanding of this chapter’s concepts with quantitative
end-of-chapter questions and the relevant interactive microcomputer tutorial software. Assign and
review in class numerical and graphical problems, so that students have “hands-on” experience in
learning this material. It is essential for understanding the next several chapters and grasping the
essence of marginal cost analysis.
2. Examples of “price-taking” situations are readily found in published quotations for commodity,
stock, and currency markets. Such markets approximate the perfectly competitive model.
3. A useful example for demonstrating that profit maximization occurs where MR = MC, not where
MR is much greater than MC, is to ask a student if she would trade $50 for $100 (of course), then
$60 for $100 (of course), then $70 for $100, and so on up to $99.99 for $100. The student should
want to trade as long as her additional “revenue” exceeds her marginal cost. In other words, if
someone can make as much as $.01 more profit, the rational person will trade. It is not the profit
per unit but the total profit that the seller is maximizing! This simple notion bears repeating several
times in different ways, because some students will continue to be puzzled by this despite its
simplicity.
4. Using the overhead for Table 7-4 and starting at output level “4,” move to the next level of output
while asking the students whether the next unit should be added by comparing MR and MC.
5. Review the short run cost concepts developed in Chapter 6, particularly MC, ATC and AVC and
how they are related. Using a Key Graph (Figure 7-6), show how these costs can be used to
evaluate a perfectly competitive firm’s position in the short run. Each of the three cost concepts
has a distinct contribution to make in the decision-making process.
(a) MC determines the best Q of output. The point where MC = MR is always best, whether the
firm is making an economic profit, breaking even, or operating at a loss.
(b) ATC determines profit or loss. Have the students compare price and ATC at the best quantity
of output. If price exceeds ATC, the difference is per unit profit. If Price = ATC the firm is
breaking even and if price is less than ATC the firm is losing money.
(c) AVC determines the shut down point. As long as price exceeds AVC the firm will continue to
operate in the short run.
Review these three steps carefully; they can be used with each of the market structures. For the
individual seller in perfect competition, product price = MR. This is not the case in any of the other
market structures. Stress this difference; it is the basis of the efficient outcome in the long run. (P
= MC = minimum ATC)
STUDENT STUMBLING BLOCKS

There are three fundamental skills that are necessary to engage successfully in economic reasoning. (1)
The ability to use graphs and mathematical reasoning. (2) The ability to use abstract models and
generalize. (3) The ability to use and apply the specialized vocabulary of economics. In this chapter, all
students will find their skills being tested. Struggling students may be ready to bail out.
Using graphs to demonstrate the relationship between variables is a habit for economics instructors. The
message the graph is sending is instantly received: the communication complete (for the teacher). Keep
in mind that the curves you have drawn may not be “speaking” as clearly to the students. There are so
many graphs in the chapters on market structure that the students can easily get lost. Take time to put
numbers on the axis and work out the actual amount of total profit or loss in your examples. By taking a
little extra time with the concepts in perfect competition, the following discussion about other market
structures will be easier for students to understand.

in the Short Run
It must be emphasized in the analysis as to whether the focus of the discussion is on the individual firm or
the industry; likewise, whether the focus is on the firm or industry in the short run or the long run.
Productive efficiency is relatively easy to explain and show graphically.
Vocabulary in this chapter is also a problem. Students’ “everyday” definition of competition is totally
different from the narrow meaning that is applied in discussing the market structure of Perfect
Competition. Students are likely to question the usefulness of a model that is so far removed from actual
business conditions. One helpful analogy is that we are, in a sense, creating a laboratory experiment that
eliminates all outside influences and focuses on only one determining consideration, i.e. price. Similarly,
a physicist might wish to create a vacuum to study the impact of gravity on a feather and a bowling ball.
LECTURE NOTES
I. Learning objectives – After reading this chapter, students should be able to:
1. The four basic market structures.
2. List the conditions required for perfectly competitive markets.
3. Convey how firms in perfect competition maximize profit or minimize losses in the short-run.
4. Explain why a competitive firm's marginal cost curve is the same as its supply curve.
II. Four Market Models

A. The models are addressed in Chapters 8-11; characteristics of the models are summarized in
Table 8.1.
B. Perfect competition entails a large number of firms, standardized product, and easy entry (or
exit) by new (or existing) firms.
C. At the opposite extreme, perfect monopoly has one firm that is the sole seller of a product or
service with no close substitutes; entry is blocked for other firms.
D. Monopolistic competition is close to perfect competition, except that the product is
differentiated among sellers rather than standardized, and there are fewer firms.
E. An oligopoly is an industry in which only a few firms exist, so each is affected by the
price-output decisions of its rivals.
III. Perfect Competition: Characteristics and Occurrence
A. The characteristics of perfect competition:
1. Perfect competition is rare in the real world, but the model is important.
a. The model helps analyze industries with characteristics similar to perfect
competition.
b. The model provides a context in which to apply revenue and cost concepts developed
in previous chapters.
c. Perfect competition provides a norm or standard against which to compare and
evaluate the efficiency of the real world.

2. Many sellers means that there are enough so that a single seller has no impact on price by
its decisions alone.
3. The products in a perfectly competitive market are homogeneous or standardized; each
seller’s product is identical to its competitor’s.
4. Individual firms must accept the market price; they are price takers and can exert no
influence on price.
5. Freedom of entry and exit means that there are no significant obstacles preventing firms
from entering or leaving the industry.
B. There are four major objectives to analyzing perfect competition.
1. To examine demand from the seller’s viewpoint,
2. To see how a competitive producer responds to market price in the short run,
3. To explore the nature of long-run adjustments in a competitive industry (covered in
Chapter 9), and
4. To evaluate the efficiency of competitive industries (covered in Chapter 9).
IV. Demand from the Viewpoint of a Competitive Seller
A. The individual firm will view its demand as perfectly elastic.
1. Table 8-2 and Figures 8-1 and 8-7a illustrate this.
2. The demand curve is not perfectly elastic for the industry: It only appears that way to the
individual firm, since they must take the market price no matter what quantity they
produce.
3. Note from Figure 8-1 that a perfectly elastic demand curve is a horizontal line at the
price.
B. Definitions of average, total, and marginal revenue:
1. Average revenue is the price per unit for each firm in perfect competition.
2. Total revenue is the price multiplied by the quantity sold.
3. Marginal revenue is the change in total revenue and will also equal the unit price in
conditions of perfect competition. (Key Question 3)
V. Profit Maximization in the Short-Run: Two Approaches
A. In the short run the firm has a fixed plant and maximizes profits or minimizes losses by
adjusting output; profits are defined as the difference between total costs and total revenue.
B. Three questions must be answered.
1. Should the firm produce?
2. If so, how much?
3. What will be the profit or loss?
C. An example of the total-revenue—total-cost approach is shown in Table 8-3. Note that the
costs are the same as for the firm in Table 8.2 in the previous chapter.
1. Firm should produce if the difference between total revenue and total cost is profitable, or
if the loss is less than the fixed cost.

in the Short Run
2. In the short run, the firm should produce that output at which it maximizes its profit or
minimizes its loss.
3. The profit or loss can be established by subtracting total cost from total revenue at each
output level.
4. The firm should not produce, but should shut down in the short run if its loss exceeds its
fixed costs. Then, by shutting down its loss will just equal those fixed costs.
5. Graphical representation is shown in Figures 8-2a and b. Note: The firm has no control
over the market price.
D. Marginal-revenue—marginal-cost approach (see Table 8-4 and Figure 8-3).
1. MR = MC rule states that the firm will maximize profits or minimize losses by producing
at the point at which marginal revenue equals marginal cost in the short run.
2. Three features of this MR = MC rule are important.
a. Rule assumes that marginal revenue must be equal to or exceed minimum-average-
variable cost or firm will shut down.
b. Rule works for firms in any type of industry, not just perfect competition.
c. In perfect competition, price = marginal revenue, so in perfectly competitive
industries the rule can be restated as the firm should produce that output where P =
MC, because P = MR.
3. Using the rule on Table 8-4, compare MC and MR at each level of output. At the tenth
unit MC exceeds MR. Therefore, the firm should produce only nine (not the tenth) units
to maximize profits.
4. Profit maximizing case: The level of profit can be found by multiplying ATC by the
quantity, 9 to get $880 and subtracting that from total revenue which is $131 x 9 or
$1179. Profit will be $299 when the price is $131. Profit per unit could also have been
found by subtracting $97.78 from $131 and then multiplying by 9 to get $299. Figure 8-3
portrays this situation graphically.
5. Loss-minimizing case: The loss-minimizing case is illustrated when the price falls to $81.
Table 8-5 is used to determine this. Marginal revenue does exceed average variable cost
at some levels, so the firm should not shut down. Comparing P and MC, the rule tells us
to select output level of 6. At this level the loss of $64 is the minimum loss this firm
could realize, and the MR of $81 just covers the MC of $80, which does not happen at
quantity level of 7. Figure 8-4 is a graphical portrayal of this situation.
6. Shut-down case: If the price falls to $71, this firm should not produce. MR will not
cover AVC at any output level. Therefore, the minimum loss is the fixed cost and
production of zero. Figure 8-4 illustrates this situation, and it can be seen that the $100
fixed cost is the minimum possible loss.
7. CONSIDER THIS … The Still There Motel
a. Over time a motel might experience a decrease in demand.
b. Despite the decrease in demand, it’s still profitable to remain open rather than shut
down (Price is greater than minAVC).
c. To increase the falling profits, the hotel owner cuts back on maintenance thereby
lowering the costs.

E. Marginal cost and the short-run supply curve can be illustrated by hypothetical prices such as
those in Table 8-2. At price of $151 profit will be $480; at $111 the profit will be $138
($888-$750); at $91 the loss will be $3.01; at $61 the loss will be $100 because the latter
represents the close-down case.
1. Note that Table 8.2 gives us the quantities that will be supplied at several different price
levels in the short-run.
2. Since a short-run supply schedule tells how much quantity will be offered at various
prices, this identity of marginal revenue with the marginal cost tells us that the marginal
cost above AVC will be the short-run supply for this firm (see Figure 8-6 Key Graph).
F. Determining equilibrium price for a firm and an industry:

1. Total-supply and total-demand data must be compared to find the most profitable price
and output levels for the industry. (See Table 8.4)
2. Figures 8.7a and b show this analysis graphically; individual firm supply curves are
summed horizontally to get the total-supply curve S in Figure 8.7b. If product price is
$111, industry supply will be 8000 units, since that is the quantity demanded and
supplied at $111. This will result in economic profits similar to those portrayed in Figure
8.3.
3. Loss situation similar to Figure 8.4 could result from weaker demand (lower price and
MR) or higher marginal costs.
G. Firm vs. industry: Individual firms must take price as given, but the supply plans of all
competitive producers as a group are a major determinant of product price.
VI. Last Word…Fixed Costs: Digging Yourself Out of a Hole

A. Since a firm faces fixed costs in the short run, those fixed costs can be viewed as a hole the
firm hopes to fill each month by generating enough revenue from the units produced and
sold.
B. If the financial hole is exactly filled, the firm breaks-even; if the hole is more than full, the
firm has received economic profit.
C. The hole gets bigger when the firm produces when it should have shut down because the firm
is incurring an even greater loss by producing.
D. A decrease in price is often temporary so shutting down is also often temporary.
1. Production of oil has different costs at different wells, so as price changes it may be
desirable to shut down some of the wells whose variable costs are too high.
2. Seasonal resorts often shut down in the “off season” because prices at that time are too
low.
3. During the recession of 08–09, many industries like electric generating plants, factories
making fiber optic cable, auto factories, chemical plants, textile mills, etc. “mothballed”
their facilities until the economy improves.
E. Many firms plan to re-open, but economic conditions do not always improve enough for them
to do so.
QUIZ

in the Short Run
1. For a perfectly competitive seller, price equals:

A. average revenue.
B. marginal revenue.
C. total revenue divided by output.
D. all of these.
Answer: D
2. For a perfectly competitive firm total revenue:

A. is price times quantity sold.
B. increases by a constant absolute amount as output expands.
C. graphs as a straight upsloping line from the origin.
D. has all of these characteristics.
Answer: D
3. In the standard model of pure competition, a profit-maximizing entrepreneur will shut down in
the short run if:
A. Marginal cost is greater than average revenue
B. Average cost is greater than average revenue
C. Average fixed cost is greater than average revenue
D. Total revenue is less than total variable costs
Answer: D
4. In a typical graph for a perfectly competitive firm, the intersection of the total cost and total
revenue curves would be:
A. A point of maximum economic profit
B. A point of minimum economic loss
C. A point where MR = MC
D. A break-even point
Answer: D
5. The wage rate increases in a perfectly competitive industry. This change will result in a(n):
A. Decrease in average total cost for a firm in the industry
B. Decrease in average variable cost for a firm in the industry
C. Increase in the marginal cost curve for a firm in the industry
D. Increase in short-run supply curve for a firm in the industry
Answer: C

6. In the short run a perfectly competitive firm that seeks to maximize profit will produce:
A. where the demand and the ATC curves intersect.
B. where total revenue exceeds total cost by the maximum amount.
C. that output where economic profits are zero.
D. at any point where the total revenue and total cost curves intersect.
Answer: B
7. A firm reaches a break-even point (normal profit position) where:

A. marginal revenue cuts the horizontal axis.
B. marginal cost intersects the average variable cost curve.
C. total revenue equals total variable cost.
D. total revenue and total cost are equal.
Answer: D
8. In the short run the individual competitive firm's supply curve is that segment of the:
A. average variable cost curve lying below the marginal cost curve.
B. marginal cost curve lying above the average variable cost curve.
C. marginal revenue curve lying below the demand curve.
D. marginal cost curve lying between the average total cost and average variable cost curves.
Answer: B
9. A perfectly competitive firm's short-run supply curve is:

A. perfectly elastic at the minimum average total cost.
B. upsloping and equal to the portion of the marginal cost curve that lies above the average
variable cost curve.
C. upsloping and equal to the portion of the marginal cost curve that lies above the average total
cost curve.
D. upsloping only when the industry has constant costs.
Answer: B
10. Resource costs increase in a perfectly competitive industry. This change will result in a(n):
A. Increase in average fixed cost for a firm in the industry
B. Decrease in average variable cost for a firm in the industry
C. Decrease in the marginal cost curve for a firm in the industry
D. Decrease in the short-run supply curve for a firm in the industry

in the Short Run
Answer: D
Questions
1. Briefly state the basic characteristics of perfect competition, monopoly, monopolistic competition, and
oligopoly. Under which of these market classifications does each of the following most accurately fit? (a)
a supermarket in your hometown; (b) the steel industry; (c) a Saskatchewan wheat farm; (d) the chartered
bank in which you have or your family has an account; (e) the automobile industry. In each case justify
your classification. LO 8.1
Answer: Perfect competition: very large number of firms; standardized products; no control over price:
price takers; no obstacles to entry; no nonprice competition.
Monopoly: one firm; unique product; with no close substitutes; much control over price: price maker;
entry is blocked; mostly public relations advertising.
Monopolistic competition: many firms; differentiated products; some control over price in a narrow
range; relatively easy entry; much nonprice competition: advertising, trademarks, brand names.
Oligopoly: few firms; standardized or differentiated products; control over price circumscribed by
mutual interdependence: much collusion; many obstacles to entry; much nonprice competition,
particularly product differentiation.
(a) Hometown supermarket: oligopoly. Supermarkets are few in number in any one area; their size
makes new entry very difficult; there is much nonprice competition. However, there is much price
competition as they compete for market share, and there seems to be no collusion. In this regard, the
supermarket acts more like a monopolistic competitor. Note that this answer may vary by area. Some
areas could be characterized by monopolistic competition while isolated small towns may have a
monopoly situation.
(b) Steel industry: oligopoly within the domestic production market. Firms are few in number; their
products are standardized to some extent; their size makes new entry very difficult; there is much
nonprice competition; there is little, if any, price competition; while there may be no collusion, there does
seem to be much price leadership.
(c) A Saskatchewan wheat farm: perfect competition. There are a great number of similar farms; the
product is standardized; there is no control over price; there is no nonprice competition. However, entry
is difficult because of the cost of acquiring land from a present proprietor. Of course, government
programs to assist agriculture complicate the purity of this example.
(d) Chartered bank: monopolistic competition. There are many similar banks; the services are
differentiated as much as the bank can make them appear to be; there is control over price (mostly interest
charged or offered) within a narrow range; entry is relatively easy (maybe too easy!); there is much
advertising. Once again, not every bank may fit this model—smaller towns may have an oligopoly or
monopoly situation.
(e) Automobile industry: oligopoly. There are the Big Three automakers, so they are few in number;
their products are differentiated; their size makes new entry very difficult; there is much nonprice
competition; there is little true price competition; while there does not appear to be any collusion, there
has been much price leadership. However, imports have made the industry more competitive in the past
two decades, which has substantially reduced the market power of the North American automakers.
2. Strictly speaking, perfect competition is relatively rare. Then why study it? LO 8.2
Answer: It can be shown that perfect competition results in low-cost production (productive
efficiency)—through long-run equilibrium occurring where P equals minimum ATC—and allocative
efficiency—through long-run equilibrium occurring where P equals MC. Given this, it is then possible to

analyze real world examples to see to what extent they conform to the ideal of plants producing at their
points of minimum ATC and thus producing the most desired commodities with the greatest economy in
the use of resources.
3. Use the following demand schedule to determine total revenue and marginal revenue for each possible
level of sales: LO 8.3
a. What can you conclude about the structure of the industry in which this firm is operating? Explain.
b. Graph the demand, total-revenue, and marginal-revenue curves for this firm.
c. Why do the demand and marginal-revenue curves coincide?
d. “Marginal revenue is the change in total revenue associated with additional units of output.” Explain in
words and graphically, using the data in the table.

in the Short Run
Answer: Table:
Product Price ($) Quantity Demanded Total Revenue ($) Marginal Revenue
($)
2 0 0 NA
2 1 2 2
2 2 4 2
2 3 6 2
2 4 8 2
2 5 10 2
(a) The industry is perfectly competitive—this firm is a “price taker.” The firm is so small relative to
the size of the market that it can change its level of output without affecting the market price.
(b) See graph.
(c) The firm’s demand curve is perfectly elastic; MR is constant and equal to P.
(d) True. When output (quantity demanded) increases by 1 unit, total revenue increases by $2. This
$2 increase is the marginal revenue. Figure: The change in TR is measured by the slope of the TR line, 2
(= $2/1 unit).
4. “Even if a firm is losing money, it may be better to stay in business in the short run.” Is this statement
ever true? Under what condition(s)? LO 8.3
Answer: Yes, a firm may want to stay in business even if it is losing money. For example, assume the
firm has a fixed cost of $1,000 which it must pay even if it stops production. Now assume that average
variable cost is $10 per unit and price of the product is $15 per unit. Finally assume that output equals 100
units using the MR=MC rule. This implies total revenue equals $1,500, variable cost equals $1,000, and
total cost equals $2,000 (the sum of variable and fixed cost). The firm is losing money because profit
equals -$500 (=$1500 - $2000). However, this loss is less than the fixed cost it would incur in the short
run if it shut down, which equals a $1,000. Thus, it is better to stay in business and lose $500 rather than
close down and lose a $1000 in the short run.
In conclusion, as long as price exceeds the average variable cost the firm should produce in the short run
given fixed cost are present by definition.

5. Consider a firm that has no fixed costs and which is currently losing money. Are there any situations in
which it would want to stay open for business in the short run? If a firm has no fixed costs, is it sensible
to speak of the firm distinguishing between the short run and the long run? LO 8.3
Answer: No, the firm will want to shut down. This follows because the firm is losing money, but there
are no fixed costs. Since there are no fixed costs, only variable cost, revenue must be less than total
variable cost or price is less than average variable cost (the shut-down rule). In other words, the firm can
shut down and lose nothing because there are no fixed costs or it can keep producing and earn a negative
profit.
In a more general sense, a firm with no fixed cost is really in the long run. By definition, the short run
implies there are fixed cost present that the firm cannot get of paying either implicitly or explicitly. The
long run implies all factors and costs can adjust to the economy.
6. Why is the equality of marginal revenue and marginal cost essential for profit maximization in all
market structures? Explain why price can be substituted for marginal revenue in the MR = MC rule when
an industry is perfectly competitive. LO 8.4
Answer: If the last unit produced adds more to costs than to revenue, its production must necessarily
reduce profits (or increase losses). On the other hand, profits must increase (or losses decrease) so long as
the last unit produced—the marginal unit—is adding more to revenue than to costs. Thus, so long as MR
is greater than MC, the production of one more marginal unit must be adding to profits or reducing losses
(provided price is not less than minimum AVC). When MC has risen to precise equality with MR, the
production of this last (marginal) unit will neither add nor reduce profits.
In perfect competition, the demand curve is perfectly elastic; price is constant regardless of the quantity
demanded. Thus MR is equal to price. This being so, P can be substituted for MR in the MR = MC rule.
(Note, however, that it is not good practice to use MR and P interchangeably, because in imperfectly
competitive models, price is not the same as marginal revenue.)
7. “That segment of a competitive firm’s marginal-cost curve that lies above its average variable-cost
curve constitutes the short-run supply curve for the firm.” Explain using a graph and words. LO 8.4
Answer: The firm will not produce if P < AVC. When P > AVC, the firm will produce in the short run at
the quantity where P (= MR) is equal to its increasing MC. Therefore, the MC curve above the AVC
curve is the firm’s short-run supply curve, it shows the quantity of output the firm will supply at each
price level. See Figure 8.6 for a graphical illustration.
The LAST WORD If a firm's current revenues are less than its current variable costs, when should it shut
down? If it decides to shut down, should we expect that decision to be final? Explain using an example
that is not in the textbook.
Answer: The firm should shut down immediately. If the firm were to continue production in this case it
would be adding to its losses. That is, not only would the firm have to pay for its fixed cost it would also
be paying more for the variable costs in excess of revenue. In this case, it is best for the firm to just to
shut down and take the loss on the fixed cost (minimize losses).
However, this may only be a temporary case. If the price of the product were to rise then the revenue may
be sufficient to cover the variable costs. The firm will once again start production because they can start
to fill the financial hole generated by the fixed costs.
Examples will vary.
Problems

in the Short Run
1. A perfectly competitive firm finds that the market price for its product is $20. It has a fixed cost of
$100 and a variable cost of $10 per unit for the first 50 units and then $25 per unit for all successive units.
Does price exceed average variable cost for the first 50 units? What about for the first 100 units? What is
the marginal cost per unit for the first 50 units? What about for units 51 and higher? For each of the first
50 units, does MR exceed MC? What about for units 51 and higher? What output level will yield the
largest possible profit for this perfectly competitive firm? (Hint: Draw a graph similar to Figure 8.2 using
data for this firm.) LO 8.3
Answer: Yes; Yes; the MC per unit is $10 per unit for the first 50 units; the MC per unit is $25 per unit
for subsequent units; Yes, MR > MC; For units 51 and up, MR < MC; Producing 50 units will maximize
profit.
Feedback: Consider the following example. A perfectly competitive firm finds that the market price for
its product is $20. It has a fixed cost of $100 and a variable cost of $10 per unit for the first 50 units and
then $25 per unit for all successive units.
Does price exceed average variable cost for the first 50 units? Yes, price ($20) exceeds average variable
cost for the first 50 units since AVC for the first 50 units is $10 per unit [= ($10 per unit X 50 units)/50
units].
What about for the first 100 units? Yes, price ($20) exceeds average variable cost for the first 100 units
since AVC for the first 100 units is $17.50 per unit [= ($10 per unit X 50 units + $25 per unit X 50
units)/100].
What is the marginal cost per unit for the first 50 units? What about for units 51 and higher? For each of
the first 50 units, does MR exceed MC? What about for units 51 and higher? The MC is $10 per unit for
the first 50 units and the MC is $25 per unit for subsequent units. For each of the first 50 units, MR > MC
since $20 > $10 and for units 50 and up, MR < MC since $20 < $25.
What output level will yield the largest possible profit for this perfectly competitive firm? The firm will
produce 50 units to maximize profit because the MC of the 51st unit exceeds marginal revenue.
2. A wheat farmer in perfectly competitive can sell any wheat he grows for $10 per bushel. His five
hectares of land show diminishing returns because some are better suited for wheat production than
others. The first hectare can produce 1000 bushels of wheat, the second hectare 900, the third 800, and so
on. Draw a table with multiple columns to help you answer the following questions.
a.How many bushels will each of the farmer’s five hectares produce?
b.How much revenue will each hectare generate?
c. What are the TR and MR for each hectare?
d. If the marginal cost of planting and harvesting a hectare is $7000 per hectare for each of the five
hectares, how many hectares should the farmer plant and harvest? LO 8.3
Answers: The student should end up constructing a table similar to the following.
The farmer should plant and harvest four hectares.

Feedback: Consider the following example. A perfectly competitive wheat farmer can sell any wheat he
grows for $10 per bushel. His five hectares of land show diminishing returns because some are better
suited for wheat production than others. The first hectare can produce 1000 bushels of wheat, the second
hectare 900, the third 800, and so on. Also assume the marginal cost of planting and harvesting an hectare
is $7000 per hectare for each of the five hectares.
Table:
The first step is to calculate the revenue generated by each hectare (column 3). Each entry, the hectare's
revenue, is found by multiplying the price per bushel by the hectare's yield. The revenue generated by the
first hectare is $10,000 (=$10 x 1000), the second hectare $9000 (=$10 x 900), the third hectare $8000
(=$10 x 800), etc...
The next step is to calculate total revenue (column 4). Total revenue equals the sum of revenue generated
by each successive hectare being cultivated. Total revenue for the first hectare is $10,000, total revenue
for first and second hectare is $19,000 (=$10,000 + $9,000), total revenue for the first, second, and third
hectare is $27,000 (= $10,000 +$ 9,000 + $8,000), etc...
The final step is to calculate marginal revenue (column 5). Marginal revenue equals the change in total
revenue as each successive hectare is cultivated. Marginal revenue for the first unit is $10,000 because as
we move from cultivating zero hectares to one hectare out total revenue changes by $10,000. The
marginal revenue for the second hectare equals $9000, which is the total revenue of the second hectare
minus the revenue generated by the first hectare (=$19,000 - $10,000). etc...
Using our MC=MR rule, the farmer should plant and harvest 4 hectares. Marginal revenue for the fourth
hectare equals $7,000 and the marginal cost equals $7,000.
3. Karen runs a print shop that makes posters for large companies. It is a very competitive business. The
market price is currently $1 per poster. She has fixed costs of $250. Her variable costs are $1000 for the
first thousand posters, $800 for the second thousand, and then $750 for each additional thousand posters.
What is her AFC per poster (not per thousand!) if she prints 1000 posters? 2000? 10,000? What is her
ATC per poster if she prints 1000? 2000? 10,000? If the market price fell to 70 cents per poster, would
there be any output level at which Karen would not shut down production immediately? LO 8-3
Answers: AFC per poster is $0.25 for 1000, $0.125 for 2000, $0.025 for 10,000. ATC per poster is $1.25
for 1000 posters, $1.025 for 2000 posters, and $0.805 for 10,000. Shutdown is determined by AVC. The
AVC per poster for more than 2000 posters is $0.75 per poster, so Karen will shut down if the price falls
to 70 cents per poster.
Feedback: Consider the following example. The market price is currently $1 per poster. She has fixed
costs of $250. Her variable costs are $1000 for the first thousand posters, $800 for the second thousand,
and then $750 for each additional thousand posters.
What is her AFC per poster (not per thousand!) if she prints 1000 posters? 2000? 10,000?
To calculate average fixed cost (AFC) divide total fixed cost by the number of posters being produced
(=Total Fixed Cost / # of posters).

in the Short Run
Therefore, her AFC for a 1000 posters is $0.25 (=$250/1000), for 2000 posters $0.125 (=$250/2000), and
for 10,000 posters $0.025 (=$250/10,000).
What is her ATC per poster if she prints 1000? 2000? 10,000?
Before we calculate the average total cost (ATC) per poster we need to find the average variable cost
(AVC) per poster using the information above. The AVC is found by dividing the total variable cost by
the number of posters produced.
AVC for 1000 posters is $1.00. This is the total variable cost of $1000 divided by the number of posters,
1000 (=$1000/1000).
AVC for 2000 posters is $0.90. This is the total variable cost $1800, $1000 for the first 1000 and $800 for
the second 1000, divided by the total number of posters 2000 (=$1800/2000).
AVC for 10,000 posters is $0.78. This is the total variable cost of 7800, $1000 for the first 1000, $800 for
the second 1000, and $6000 for the next 8000 ($750 per 1000 or 8x$750), divided by 10,000 posters
(=$7800/10,000).
Now we can find her ATC, which equals the sum of her average fixed cost and her average variable cost
(=AFC+AVC).
ATC for 1000 posters is $1.25 (=$0.25 + $1.00). ATC for 2000 posters is $1.025 (=$0.125 + $0.90).
ATC for 10,000 is $0.805 (=$0.025 + $0.78).
Since the price is 70 cents per poster Karen will shut down because average variable cost never falls
below 75 cents per poster.
4. Assume the following cost data are for a firm in perfect competition: LO 8.3
a. At a product price of $56, will this firm produce in the short run? If it is preferable to produce, what
will be the profit-maximizing or loss-minimizing output? What economic profit or loss will the firm
realize per unit of output?
b. Answer the questions in part (a) assuming product price is $41.
c. Answer the questions in part (a) assuming product price is $32.
d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate
the profit or loss incurred at each output (column 3).

e. Now assume that there are 1500 identical firms in this competitive industry; that is, there are 1500
firms, each of which has the cost data shown in the table. Complete the industry supply schedule (column
4).
f. Suppose the market demand data for the product are as follows:
What will be the equilibrium price? What will be the equilibrium output for the industry? For each firm?
What will profit or loss be per unit? Per firm? Will this industry expand or contract in the long run?
Answer: (a) Yes; 8 units; the total economic profit equals $62.96. (b) Yes; 6 units; the total economic
profit (loss) equals -$39.00. (c) The firm will not produce; the firm shuts down and incurs the loss of
$60.00 (fixed cost).
(d) and (e)
(1) (2) (3) (4)

Quantity Quantity
supplied, Profit (+) supplied,
Price single firm or loss (-) 1500 firms
$26 0 $-60 0
32 0 -60 0
38 5 -55.00 7500
41 6 -39.00 9000
46 7 -7.98 10500
56 8 62.96 12000
66 9 144.00 13500
(f) $46; 10,500; 7 units; per-unit loss is -$1.14; the loss per firm is -$7.98; industry will contract.

in the Short Run
Feedback: Consider the following example.
Part a: At a product price of $56, will this firm produce in the short run? If it is preferable to produce,
what will be the profit-maximizing or loss-minimizing output? What economic profit or loss will the firm
realize per unit of output?
The rule is to produce at the level of output where Marginal Revenue equals (or is greater than if we are
using integers) Marginal Cost as long as revenue is sufficient to cover fixed cost (Price is greater than
Average Fixed Cost).
In the case above the market is competitive so Marginal Revenue equals the price of $56. From the table
above we see that the marginal cost for the 8th unit is $55 and the marginal cost of 9th unit is $65. The firm
will want to produce 8 units where the marginal revenue of $56 is greater than the marginal cost of $55.
For the 9th unit of output this is not the case.
We also need to verify that price exceeds average variable cost at this level of production. The answer is
yes, average variable cost is $40.63 which is less than the price of $56.
At this level of production the firm will earn a positive economic profit per unit of $7.87 (= $56 (price of
product) - $48.13 (average total cost for the 8th unit). The total economic profit equals $62.96 (=8
(number of units sold) x $7.87 (profit per unit)).
Part b: Answer the questions in part (a) assuming product price is $41.
The same process is applied here.
The price of $41, which is marginal revenue, is greater than the marginal cost of the 6th unit in the table
above. Beyond this level of production marginal cost exceeds marginal revenue. Thus, the firm will
produce 6 units as long as price covers average variable cost.
The average variable cost for 6 units is $37.50, which is less than the price. The firm will produce the 6
units of output.
At this level of production the firm will earn a negative economic profit per unit or loss per unit of -$6.50
(= $41 (price of product) - $47.50 (average total cost for the 6th unit). The total economic profit (loss)
equals -$39.00 (=6 (number of units sold) x (-$6.50) (loss per unit)).
Part c: Answer the questions in part (a) assuming product price is $32.
We could go through the same exercise here. However, by recognizing that the price of $32 is below
average variable cost at all levels of production the firm will not produce. Thus, the firm shuts down and
incurs the loss of $60.00 (fixed cost).
Part d and e: Using the table below, complete the short-run supply schedule for the firm (columns 1 and
2) and indicate the profit or loss incurred at each output (column 3). Now assume that there are 1500

identical firms in this competitive industry; that is, there are 1500 firms, each of which has the cost data
shown in the table. Complete the industry supply schedule (column 4).

in the Short Run
(1) (2) (3) (4)

Quantity Quantity
supplied, Profit (+) supplied,
Price single firm or loss (-) 1500 firms
$26 0 $-60 0
32 0 -60 0
38 5 -55.00 7500
41 6 -39.00 9000
46 7 -7.98 10500
56 8 62.96 12000
66 9 144.00 13500
Part f:
Suppose the market demand data for the product are as follows:
What will be the equilibrium price? What will be the equilibrium output for the industry? For each firm?
What will profit or loss be per unit? Per firm? Will this industry expand or contract in the long run?
To determine the equilibrium price we look at the total quantity demanded schedule and the total quantity
supplied schedule (for the 1500 firms above) to find the price where quantity demanded equals quantity
supplied.
This occurs at the price of $46 where quantity demanded = 10,500 and quantity supplied = 10,500. The
quantity 10,500 is the equilibrium output for the industry. Note that at prices below $46 quantity
demanded exceeds quantity supplied and at prices above $46 quantity supplied exceeds quantity
demanded.
The equilibrium output for each firm is 7 units (= 10500 (industry output)/ 1500 (number of firms)).
Since the equilibrium price of $46 is below the average total cost for 7 units of output at the firm level
there will be a loss. The per-unit loss for the firm is -$1.14 (= $46 (price) - $47.14 (average total cost for 7
units)).
The loss per firm is -$7.98 (= 7 units produced) x (-$1.14) (loss per unit)).
This industry will contract due to the negative economic profit (or economic loss).

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behind the vent; adipose fin none; anal fin moderately long; caudal
subtruncated. Pseudobranchiæ none.
This singular genus, one of the “Challenger” discoveries, is
known from four examples, obtained at depths varying between
1600 and 2150 fathoms, off the coast of Brazil, near Tristan
d’Acunha and north of Celebes. All belong to one species, I. murrayi.
The eye seems to have lost its function of vision and assumed that
of producing light. The specimens are from 4 to 5½ inches long.
Paralepis.—Head and body elongate, compressed, covered with
deciduous scales. Cleft of the mouth very wide; maxillary developed,
closely adherent to the intermaxillary. Teeth in a single series, unequal
in size. Eye large. Ventrals small, inserted opposite or nearly opposite
the dorsal. Dorsal fin short, on the hinder part of the body; adipose fin
small; anal elongate, occupying the end of the tail; caudal emarginate.
Three species; small pelagic fishes from the Mediterranean and
Atlantic.—Sudis, from the Mediterranean, has a dentition slightly
different from that of Paralepis.
Plagyodus.—Body elongate, compressed, scaleless; snout much
produced, with very wide cleft of the mouth. Intermaxillary very long
and slender; maxillary thin, immovable. Teeth in the jaws and of the
palate very unequal in size, the majority pointed and sharp, some very
large and lanceolate. Eye large. Pectoral and ventral fins well
developed; the rayed dorsal fin occupies the whole length of the back
from the occiput to opposite the anal fin; adipose and anal fins of
moderate size. Caudal forked. Branchiostegals six or seven.
Fig. 270.—Plagyodus ferox.
This is one of the largest and most formidable deep-sea fishes.
One species only is well known, P. ferox, from Madeira and the sea
off Tasmania; other species have been noticed from Cuba and the
North Pacific, but it is not evident in what respects they differ
specifically from P. ferox. This fish grows to a length of six feet, and
from the stomach of one example have been taken several
Octopods, Crustaceans, Ascidians, a young Brama, twelve young
Boar-fishes, a Horse-mackerel, and one young of its own species.
The stomach is coecal; the commencement of the intestine has
extremely thick walls, its inner surface being cellular, like the lung of
a reptile; a pyloric appendage is absent. All the bones are extremely
thin, light, and flexible, containing very little earthy matter; singular is
the development of a system of abdominal ribs, symmetrically
arranged on both sides, and extending the whole length of the
abdomen. Perfect specimens are rarely obtained on account of the
want of coherence of the muscular and osseous parts, caused by the
diminution of pressure when the fish reaches the surface of the
water. The exact depth at which Plagyodus lives is not known;
probably it never rises above a depth of 300 fathoms.
The other less important genera belonging to this family are
Aulopus, Chlorophthalmus, Scopelosaurus, Odontostomus, and
Nannobrachium.
Fig. 271.—Pharyngeal bones and teeth of the

Bream, Abramis brama.
Third Family—Cyprinidæ.
Body generally covered with scales; head naked. Margin of the
upper jaw formed by the intermaxillaries. Belly rounded, or, if
trenchant, without ossifications. No adipose fin. Stomach without
blind sac. Pyloric appendages none. Mouth toothless; lower
pharyngeal bones well developed, falciform, sub-parallel to the
branchial arches, provided with teeth, which are arranged in one,
two, or three series. Air-bladder large, divided into an anterior and
posterior portion by a constriction, or into a right or left portion,
enclosed in an osseous capsule. Ovarian sacs closed.
The family of “Carps” is the one most numerously represented in
the fresh waters of the Old World and of North America. Also
numerous fossil remains are found in tertiary freshwater-formations,
as in the limestones of Oeningen and Steinheim, in the lignites of
Bonn, Stöchen, Bilin, and Ménat, in the marl slates and
carbonaceous shales of Licata in Sicily, and of Padang in Sumatra,
in corresponding deposits of Idaho in North America. The majority
can be referred to existing genera: Barbus, Thynnichthys, Gobio,
Leuciscus, Tinca, Amblypharyngodon, Rhodeus, Cobitis,
Acanthopsis, only a few showing characters different from those of
living genera: Cyclurus, Hexapsephus, Mylocyprinus (tertiary of
North America).
Most Carps feed on vegetable and animal substances; a few only
are exclusive vegetable feeders. There is much less diversity of form
and habits in this family than in the Siluroids; however, the genera
are sufficiently numerous to demand a further subdivision of the
family into groups.
I. Catostomina.—Pharyngeal teeth in a single series,
exceedingly numerous and closely set. Dorsal fin elongate, opposite
to the ventrals; anal short, or of moderate length. Barbels none.
These fishes are abundant in the lakes and rivers of North
America, more than thirty species having been described, and many
more named, by American ichthyologists. Two species are known
from North-Eastern Asia. They are generally called “Suckers,” but
their vernacular nomenclature is very arbitrary and confused. Some
of the species which inhabit the large rivers and lakes grow to a
length of three feet and a weight of fifteen pounds. The following
genera may be distinguished:—Catostomus, “Suckers,” “Red-
horses,” “Stone-rollers,” “White Mullets;” Moxostoma; Sclerognathus,
“Buffaloes,” “Black Horses;” and Carpiodes, “Spear-fish,” “Sail-fish.”
II. Cyprinina.—Anal fin very short, with not more than five or six,
exceptionally seven, branched rays. Dorsal fin opposite ventrals.
Abdomen not compressed. Lateral line running along the median line
of the tail. Mouth frequently with barbels, never more than four in
number. Pharyngeal teeth generally in a triple series in the Old World
genera; in a double or single series in the North American forms,
which are small and feebly developed. Air-bladder present, without
osseous covering.
Cyprinus.—Scales large. Dorsal fin long, with a more or less
strong serrated osseous ray; anal short. Snout rounded, obtuse,
mouth anterior, rather narrow. Pharyngeal teeth, 3. 1. 1.-1. 1. 3, molar-
like. Barbels four.
Fig. 272.—The Carp, Cyprinus carpio.
The “Carp” (C. carpio, “Karpfen,” “La carpe,”) is originally a native
of the East, and abounds in a wild state in China, where it has been
domesticated for many centuries; thence it was transported to
Germany and Sweden, and the year 1614 is assigned as the date of
its first introduction into England. It delights in tranquil waters,
preferring such as have a muddy bottom, and the surface partially
shaded with plants. Its food consists of the larvæ of aquatic insects,
minute testacea, worms, and the tender blades and shoots of plants.
The leaves of lettuce, and other succulent plants of a similar kind,
are said to be particularly agreeable to them, and to fatten them
sooner than any other food. Although the Carp eats with great
voracity when its supply of aliment is abundant, it can subsist for an
astonishing length of time without nourishment. In the winter, when
the Carps assemble in great numbers, and bury themselves among
the mud and the roots of plants, they often remain for many months
without eating. They can also be preserved alive for a considerable
length of time out of the water, especially if care be taken to moisten
them occasionally as they become dry. Advantage is often taken of
this circumstance to transport them alive, by packing them among
damp herbage or damp linen; and the operation is said to be
unattended with any risk to the animal, especially if the precaution be
taken to put a piece of bread in its mouth steeped in brandy!
The fecundity of these fishes is very great, and their numbers
consequently would soon become excessive but for the many
enemies by which their spawn is destroyed. No fewer than 700,000
eggs have been found in the ovaries of a single Carp, and that, too,
by no means an individual of the largest size. Their growth is very
rapid, more so perhaps than that of any other Freshwater fish, and
the size which they sometimes attain is very considerable. In certain
lakes in Germany individuals are occasionally taken weighing thirty
or forty pounds; and Pallas relates that they occur in the Volga five
feet in length, and even of greater weight than the examples just
alluded to. The largest of which we have any account is that
mentioned by Bloch, taken near Frankfort-on-the-Oder, which
weighed seventy pounds, and measured nearly nine feet in length,—
a statement the accuracy of which is very much open to doubt.
Like other domesticated animals the Carp is subject to variation;
some individuals, especially when they have been bred under
unfavourable circumstances, have a lean and low body; others are
shorter and higher. Some have lost every trace of scales, and are
called “Leather-carps;” others retain them along the lateral line and
on the back only (“Spiegelkarpfen” of the Germans). Finally, in some
are the fins much prolonged, as in certain varieties of the Gold-fish.
Cross-breeds between the Carp and the Crucian Carp are of
common occurrence. The Carp is much more esteemed as food in
inland countries than in countries where the more delicate kinds of
sea fishes can be obtained.
Carassius differs from Cyprinus in lacking barbels; its pharyngeal
teeth are compressed, in a single series, 4–4.
Two well-known species belong to this genus. The “Crucian
Carp” (C. carassius, “Karausche”) is generally distributed over
Central and Northern Europe, and extends into Italy and Siberia. It
inhabits stagnant waters only, and is so tenacious of life that it will
survive a lengthened sojourn in the smallest pools, where, however,
it remains stunted; whilst in favourable localities it attains to a length
of twelve inches. It is much subject to variation of form; very lean
examples are commonly called “Prussian Carps.” Its usefulness
consists in keeping ponds clean from a super-abundance of
vegetable growth, and in serving as food for other more esteemed
fishes. The second species is the “Gold-fish,” Carassius auratus. It is
of very common occurrence in a wild state in China and the warmer
parts of Japan, being entirely similar in colour to the Crucian Carp. In
a domesticated state it loses the black or brown chromatophors, and
becomes of a golden-yellow colour; perfect Albinos are
comparatively scarcer. Many varieties and monstrosities have been
produced during the long period of its domestication; the variety
most highly priced at present being the so-called “Telescope-fish,” of
which a figure is annexed. The Gold-fish is said to have been first
brought to England in the year 1691, and is now distributed over
nearly all the civilised parts of the world.
Fig. 273.—Cyprinus auratus, var.

Catla.—Scales of moderate size. Dorsal fin without osseous ray,
with more than nine branched rays, commencing nearly opposite to
the ventrals. Snout broad, with the integuments very thin; there is no
upper lip, the lower with a free continuous posterior margin.
Symphysis of the mandibulary bones loose, with prominent tubercles.
Mouth anterior. Barbels none. Gill-rakers very long, fine, and closely
set. Pharyngeal teeth, 5. 3. 2.-2. 3. 5.
The “Catla” (C. buchanani), one of the largest Carps of the
Ganges, growing to a length of more than three feet, and esteemed
as food.
Labeo.—Scales of moderate or small size. Dorsal fin without
osseous ray, with more than nine branched rays, commencing
somewhat in advance of the ventrals. Snout obtusely rounded, the
skin of the maxillary region being more or less thickened, forming a
projection beyond the mouth. Mouth transverse, inferior, with the lips
thickened, each or one of them being provided with an inner
transverse fold, which is covered with a deciduous horny substance
forming a sharp edge, which, however, does not rest upon the bone
as base, but is soft and movable. Barbels very small, two or four; the
maxillary barbels more or less hidden in a groove behind the angle of
the mouth. Anal scales not enlarged. Pharyngeal teeth uncinate, 5. 4.
2.-2. 4. 5. Snout generally more or less covered with hollow tubercles.
About thirteen species are known from rivers of tropical Africa

and the East Indies.
Discognathus.—Scales of moderate size. Dorsal fin without
osseous ray, with not more than nine branched rays, commencing
somewhat in advance of the ventrals. Snout obtusely rounded, more
or less depressed, projecting beyond the mouth, more or less
tubercular. Mouth inferior, transverse, crescent-shaped; lips broad,
continuous, with an inner sharp edge of the jaws, covered with horny
substance on the lower jaw; upper lip more or less distinctly fringed;
lower lip modified into a suctorial disk, with free anterior and posterior
margins. Barbels two or four; if two, the upper are absent. Anal scales
not enlarged. Pectoral fins horizontal. Pharyngeal teeth, 5. 4. 2.-2. 4.
5.
A small fish (D. lamta), extremely abundant in almost all the

mountain streams from Abyssinia and Syria to Assam.
Capoëta.—Scales small, of moderate or large size. Dorsal fin with
or without a strong osseous ray, with not more than nine branched
rays. Snout rounded, with the mouth transverse and at its lower side;
each mandible angularly bent inwards in front, the anterior mandibular
edge being nearly straight, sharpish, and covered with a horny brown
layer. No lower labial fold. Barbels two (rarely four), or entirely absent.
Anal scales not conspicuously enlarged. Pharyngeal teeth
compressed, truncated, 5 or 4. 3. 2–2. 3. 4 or 5.
Characteristic of the fauna of Western Asia; one species from
Abyssinia. Of the fifteen species known C. damascina deserves to
be specially mentioned, being abundant in the Jordan and other
rivers of Syria and Asia Minor.
Barbus.—Scales of small, moderate, or large size. Dorsal fin
generally with the (third) longest simple ray ossified, enlarged, and
frequently serrated; never, or only exceptionally, with more than nine
branched rays, commencing opposite or nearly opposite to the root of
the ventral fin. Eyes without adipose eyelid. Anal fin frequently very
high. Mouth arched, without inner folds, inferior or anterior; lips without
horny covering. Barbels short, four, two, or none. Anal scales not
enlarged. Pharyngeal teeth 5. 4 or 3. 3 or 2.-2 or 3. 3 or 4. 5. Snout
but rarely with tubercles or pore-like grooves.
No other genus of Cyprinoids is composed of so many species as
the genus of “Barbels,” about 200 being known from the tropical and
temperate parts of the Old World; it is not represented in the New
World. Although the species differ much from each other in the form
of the body, number of barbels, size of the scales, strength of the
first dorsal ray or spine, etc., the transition between the extreme
forms is so perfect that no further generic subdivision should be
attempted. Some attain a length of six feet, whilst others never
exceed a length of two inches. The most noteworthy are the large
Barbels of the Tigris (B. subquincunciatus, B. esocinus, B. scheich,
B. sharpeyi); the common Barbel of Central Europe and Great Britain
(B. vulgaris); the “Bynni” of the Nile (B. bynni); B. canis from the
Jordan; the “Mahaseer” of the mountain streams of India (B. mosal),
probably the largest of all species, the scales of which are
sometimes as large as the palm of a hand. The small, large-scaled
species are especially numerous in the East Indies and the fresh
waters of Tropical Africa.
Thynnichthys.—Scales small. Dorsal fin without an osseous ray,
with not more than nine branched rays, commencing nearly opposite
the ventrals. Head large, strongly compressed; eye without well-
developed adipose membrane, in the middle of the depth of the head.
Snout with the integuments very thin; there is no upper lip, and the
lower jaw has a thin labial fold on the sides only. Mouth anterior and
lateral; barbels none. Gill-rakers none; laminæ branchiales long, half
as long as the post-orbital portion of the head; pseudobranchiæ none.
Pharyngeal teeth lamelliform, with flat oblong crown, 5. 3 or 4. 2–2. 4
or 3. 5, the teeth of the three series being wedged into one another.
Three species from the East Indies.
Oreinus.—Scales very small. Dorsal fin with a strong osseous
serrated ray, opposite to the ventrals. Snout rounded, with the mouth
transverse, and at its lower side; mandibles broad, short, and flat,
loosely joined together; margin of the jaw covered with a thick horny
layer; a broad fringe-like lower lip, with free posterior margin. Barbels
four. Vent and anal fin in a sheath, covered with enlarged tiled scales.
Pharyngeal teeth pointed, more or less hooked, 5. 3. 2–2. 3. 5.
Three species from mountain streams of the Himalayas.
Schizothorax.—Hill-barbels, with the same singular sheath on
each side of the vent, as in the preceding genus; but they differ in
having the mouth normally formed, with mandibles of the usual length
and width.
Seventeen species are known from fresh waters of the

Himalayas, and north of them. Other genera from the same region,
and with the anal sheath, are Ptychobarbus, Gymnocypris,
Schizopygopsis, and Diptychus.
Gobio.—Scales of moderate size; lateral line present. Dorsal fin
short, without spine. Mouth inferior; mandible not projecting beyond
the upper jaw when the mouth is open; both jaws with simple lips; a
small but very distinct barbel at the angle of the mouth, quite at the
extremity of the maxillary. Gill-rakers very short; pseudobranchiæ.
Pharyngeal teeth, 5. 3 or 2.—2 or 3. 5, hooked at the end.
The “Gudgeons” are small fishes of clear fresh waters of Europe;

they are, like the barbels, animal feeders. In Eastern Asia they are
represented by two closely allied genera, Ladislavia and
Pseudogobio.
Ceratichthys.—Scales of moderate or small size; lateral line
present. Dorsal fin short, without spine, not or but slightly in advance
of the ventrals. Mouth subinferior; the lower jaw does not project
beyond the upper when the mouth is open; intermaxillaries protractile
from below the maxillaries; both jaws with thickish lips; a small barbel
at the angle of the mouth, quite at the extremity of the maxillary. Gill-
rakers very short and few in number: pseudobranchiæ. Pharyngeal
teeth 4–4. hooked at the end (sometimes 4, 1—1. 4).
About ten species are known from North America; they are small,
and called “Chub” in the United States. C. biguttatus is, perhaps, the
most widely-diffused Freshwater-fish in the United States, and
common everywhere. Breeding males have generally a red spot on
each side of the head.
Other similar genera from the fresh waters of North America, and
generally called “Minnows,” are Pimephales (the “Black Head”),
Hyborhynchus, Hybognathus, Campostoma (the “Stone-lugger”),
Ericymba, Cochlognathus, Exoglossum (the “Stone Toter” or “Cut-
lips”), and Rhinichthys (the “Long-nosed Dace”).
The remaining Old World genera belonging to the group
Cyprinina are Cirrhina, Dangila, Osteochilus, Barynotus,
Tylognathus, Abrostomus, Crossochilus, Epalzeorhynchus,
Barbichthys, Amblyrhynchichthys, Albulichthys, Aulopyge, Bungia,
and Pseudorasbora.
III. Rohteichthyina.—Anal fin very short, with not more than six
branched rays. Dorsal fin behind ventrals. Abdomen compressed.
Lateral line running along the median line of the tail. Mouth without
barbels. Pharyngeal teeth in a triple series.
One genus and species only, Rohteichthys microlepis, from
Borneo and Sumatra.
IV. Leptobarbina.—Anal fin very short, with not more than six
branched rays. Dorsal fin opposite to ventrals. Abdomen not
compressed. Lateral line running in the lower half of the tail. Barbels
present, not more than four in number. Pharyngeal teeth in a triple
series.
One genus and species only, Leptobarbus hoevenii, from Borneo
and Sumatra.
V. Rasborina.—Anal fin very short, with not more than six
branched rays. Dorsal fin inserted behind the origin of the ventrals.
Abdomen not compressed. Lateral line running along the lower half
of the tail, if complete. Mouth sometimes with barbels, which are
nevermore than four in number. Pharyngeal teeth in a triple, or single
series. Air-bladder present, without osseous covering.
Rasbora.—Scales large, or of moderate size, there being
generally four and a half longitudinal series of scales between the
origin of the dorsal fin and the lateral line, and one between the lateral
line and the ventral. Lateral line curved downwards. Dorsal fin with
seven or eight branched rays, not extending to above the anal, which
is seven-rayed. Mouth of moderate width, extending to the front
margin of the orbit, with the lower jaw slightly prominent, and provided
with three prominences in front, fitting into grooves of the upper jaw;
barbels none, in one species two. Gill-rakers short, lanceolate.
Pseudobranchiæ. Pharyngeal teeth in three series, uncinate.
Thirteen species of small size from the East Indian Continent and
Archipelago, and from rivers on the east coast of Africa.
Amblypharyngodon.—Scales small; lateral line incomplete.
Dorsal fin without an osseous ray, with not more than nine branched
rays, commencing a little behind the origin of the ventrals. Head of
moderate size, strongly compressed; eye without adipose membrane;
snout with the integuments very thin; there is no upper lip, and the
lower jaw has a short labial fold on the sides only. Mouth anterior,
somewhat directed upwards, with the lower jaw prominent. Barbels
none. Gill-rakers extremely short; pseudobranchiæ. Pharyngeal teeth
molar-like, with their crowns concave, 3. 2. 1.—1. 2. 3. Intestinal tract
narrow, with numerous convolutions.
Three species of small size from the Continent of India.
To the same group belong Luciosoma, Nuria, and Aphyocypris,
from the same geographical region.
VI. Semiplotina.—Anal fin short, with seven branched rays, not
extending forwards to below the dorsal. Dorsal fin elongate, with an
osseous ray. Lateral line running along the middle of the tail. Mouth
sometimes with barbels.
Two genera: Cyprinion, from Syria and Persia, and Semiplotus
from Assam.
VII. Xenocypridina.—Anal fin rather short, with seven or more
branched rays, not extending forwards to below the dorsal fin. Dorsal
short, with an osseous ray. Lateral line running along the middle of
the tail. Mouth sometimes with barbels. Pharyngeal teeth in a triple
or double series.
Three genera: Xenocypris and Paracanthobrama from China;
and Mystacoleucus from Sumatra.
VIII. Leuciscina.—Anal fin short or of moderate length, with from
eight to eleven branched rays, not extending forwards to below the
dorsal. Dorsal fin short, without osseous ray. Lateral line, if complete,
running along, or nearly in, the middle of the tail. Mouth generally
without barbels. Pharyngeal teeth in a single or double series.
Leuciscus.—Body covered with imbricate scales. Dorsal fin
commencing opposite, rarely behind, the ventrals. Anal fin generally
with from nine to eleven, rarely with eight (in small species only), and
still more rarely with fourteen rays. Mouth without structural
peculiarities; lower jaw not trenchant; barbels none. Pseudobranchiæ.
Pharyngeal teeth conical or compressed, in a single or double series.
Intestinal tract short, with only a few convolutions.
The numerous species of this genus are comprised under the
name of “White-fish;” they are equally abundant in the northern
temperate zone of both hemispheres, about forty species being
known from the Old World, and about fifty from the New. The most
noteworthy species of the former Fauna are the “Roach” (L. rutilus,
see Fig. 21, p. 50), common all over Europe north of the Alps; the
“Chub” (L. cephalus), extending into Northern Italy and Asia Minor;
the “Dace” (L. leuciscus), a companion of the Roach; the “Id” or
“Nerfling” (L. idus), from the central and northern parts of Continental
Europe, domesticated in some localities of Germany, in this condition
assuming the golden hue of semi-albinism, like a Gold-fish, and then
called the “Orfe;” the “Rudd,” or “Red-eye” (L. erythrophthalmus),
distributed all over Europe and Asia Minor, and distinguished by its
scarlet lower fins; the “Minnow” (L. phoxinus), abundant everywhere
in Europe, and growing to a length of seven inches in favourable
localities. The North American species are much less perfectly
known; the smaller ones are termed “Minnows,” the larger “Shiner”
or “Dace.” The most common are L. cornutus (Red-fin, Red Dace); L.
neogæus, a minnow resembling the European species, but with
incomplete lateral line; L. hudsonius, the “Spawn-eater” or “Smelt.”
Tinca.—Scales small, deeply embedded in the thick skin; lateral
line complete. Dorsal fin short, its origin being opposite the ventral fin;
anal short; caudal subtruncated. Mouth anterior; jaws with the lips
moderately developed; a barbel at the angle of the mouth. Gill-rakers
short, lanceolate; pseudobranchiæ rudimentary. Pharyngeal teeth 4 or
5.-5, cuneiform, slightly hooked at the end.
Fig. 274.—The Tench (Tinca tinca).
Only one species of “Tench” is known (T. tinca), found all over
Europe in stagnant waters with soft bottom. The “Golden Tench” is
only a variety of colour, an incipient albinism like the Gold-fish and
Id. Like most other Carps of this group it passes the winter in a state
of torpidity, during which it ceases to feed. It is extremely prolific,
297,000 ova having been counted in one female; its spawn is of a
greenish colour.
Leucosomus.—Scales of moderate or small size; lateral line
present. Dorsal fin commencing opposite, or nearly opposite, to the
ventral. Anal fin short. Mouth anterior or sub-anterior; intermaxillaries
protractile. A very small barbel at the extremity of the maxillary. Lower
jaw with rounded margin, and with the labial folds well developed
laterally. Gill-rakers short; pseudobranchiæ. Pharyngeal teeth in a
double series.
A North American genus, to which belong some of the most
common species of the United States. L. pulchellus (the “Fall-fish,”
“Dace,” or “Roach”), one of the largest White-fishes of the Eastern
States, attaining to a length of 18 inches, and abundant in the rapids
of the larger rivers. L. corporalis (the “Chub”), common everywhere
from New England to the Missouri region.
Chondrostoma.—Scales of moderate size or small. Lateral line
terminating in the median line of the depth of the tail. Dorsal fin with
not more than nine branched rays, inserted above the root of the
ventrals. Anal fin rather elongate, with ten or more rays. Mouth
inferior, transverse, lower jaw with a cutting edge, covered with a
brown horny layer. Barbels none. Gill-rakers short, fine;
pseudobranchiæ. Pharyngeal teeth 5 or 6 or 7.-7 or 6 or 5, knife-
shaped, not denticulated. Peritoneum black.
Seven species from the Continent of Europe and Western Asia.
Other Old World genera belonging to the Leuciscina are
Myloleucus, Ctenopharyngodon, and Paraphoxinus; from North
America: Mylopharodon, Meda, Orthodon, and Acrochilus.
IX. Rhodeina.—Anal fin of moderate length, with from nine to
twelve branched rays, extending forwards to below the dorsal.
Dorsal fin short, or of moderate length. Lateral line, if complete,
running along or nearly in the middle of the tail. Mouth with very
small, or without any barbels. Pharyngeal teeth in a single series.
Very small roach-like fishes inhabiting chiefly Eastern Asia and
Japan, one species (Rh. amarus) advancing into Central Europe.
The thirteen species known have been distributed among four
genera, Achilognathus, Acanthorhodeus, Rhodeus, and
Pseudoperilampus. In the females a long external urogenital tube is
developed annually during the spawning season. The European
species is known in Germany by the name of “Bitterling.”
X. Danionina.—Anal fin of moderate length or elongate, with not
less, and generally more, than eight branched rays. Lateral line
running along the lower half of the tail. Mouth with small, or without
any, barbels. Abdomen not trenchant. Pharyngeal teeth in a triple or
double series.
Small fishes from the East Indian Continent, Ceylon, the East
Asiatic Islands, and a few from East African Rivers, The genera
belonging to this group are Danio, Pteropsarion, Aspidoparia,
Barilius, Bola, Scharca, Opsariichthys, Squaliobarbus, and
Ochetobus: altogether about forty species.
XI. Hypophthalmichthyina.—Anal fin elongate. Lateral line
running nearly along the median line of the tail. Mouth without
barbels. Abdomen not trenchant. No dorsal spine. Pharyngeal teeth
in a single series.
One genus (Hypophthalmichthys) with two species from China.
XII. Abramidina.—Anal fin elongate. Abdomen, or part of the
abdomen, compressed.
Fig. 275.—The Bream ( Abramis brama).

Abramis.—Body much compressed, elevated, or oblong. Scales of
moderate size. Lateral line present, running in the lower half of the tail.
Dorsal fin short, with spine, opposite to the space between ventrals
and anals. Lower jaw generally shorter, and rarely longer than the
upper. Both jaws with simple lips, the lower labial fold being
interrupted at the symphysis of the mandible. Upper jaw protractile.
Gill-rakers rather short; pseudobranchiæ. The attachment of the
branchial membrane to the isthmus takes place at some distance
behind the vertical from the orbit. Pharyngeal teeth in one or two
series, with a notch near the extremity. Belly behind the ventrals
compressed into an edge, the scales not extending across it.
The “Breams” are represented in the temperate parts of both
northern hemispheres; in Europe there occur the “Common Bream,”
A. brama; the “Zope,” A. ballerus; A. sapa; the “Zärthe,” A. vimba; A.
elongatus; the “White Bream,” A. blicca; A. bipunctatus. Of these A.
brama and A. blicca are British; the former being one of the most
common fishes, and sometimes attaining to a length of two feet.
Crosses between these two species, and even with other Cyprinoids,
are not rare. Of the American species A. americanus (“Shiner,”
“Bream”) is common and widely distributed; like the European Bream
it lives chiefly in stagnant waters or streams with a slow current.
Aspius.—Body oblong; scales of moderate size; lateral line
complete, terminating nearly in the middle of the depth of the tail.
Dorsal fin short, without spine, opposite to the space between the
ventrals and anal; anal fin elongate, with thirteen or more rays. Lower
jaw more or less conspicuously projecting beyond the upper. Lips thin,
simple, the lower labial fold being at the symphysis; upper jaw but little
protractile. Gill-rakers short and widely set; pseudobranchiæ. The
attachment of the branchial membrane to the isthmus takes place
below the hind margin of the orbit. Pharyngeal teeth hooked, 5. 3.-3 or
2. 5 or 4. Belly behind the ventrals compressed, the scales covering
the edge.
Four species from Eastern Europe to China.
Alburnus.—Body more or less elongate; scales of moderate size;
lateral line present, running below the median line of the tail. Dorsal fin
short, without spine, opposite to the space between ventrals and anal;
anal fin elongate, with more than thirteen rays. Lower jaw more or less
conspicuously projecting beyond the upper. Lips thin, simple, the
lower labial fold being interrupted at the symphysis of the mandible.
Upper jaw protractile. Gill-rakers slender, lanceolate, closely set;
pseudobranchiæ. The attachment of the branchial membrane to the
isthmus takes place below the hind margin of the orbit. Pharyngeal
teeth in two series, hooked. Belly behind the ventrals compressed into
an edge, the scales not extending across it.
“Bleak” are numerous in Europe and Western Asia, fifteen
species being known. The common Bleak (A. alburnus) is found
north of the Alps only, and represented by another species (A.
alburnellus, “Alborella,” or “Avola”) in Italy.
Of the other genera referred to this group, Leucaspius and
Pelecus belong to the European Fauna; Pelotrophus is East African;
all the others occur in the East Indies or the temperate parts of Asia,
viz. Rasborichthys, Elopichthys, Acanthobrama (Western Asia),
Osteobrama, Chanodichthys, Hemiculter, Smiliogaster, Toxabramis,
Culter, Eustira, Chela, Pseudolabuca, and Cachius.
XIII. Homalopterina.—Dorsal and anal fins short, the former
opposite to ventrals. Pectoral and ventral fins horizontal, the former
with the outer rays simple. Barbels six or none. Air-bladder absent.
Pharyngeal teeth in a single series, from ten to sixteen in number.
Inhabitants of hill-streams in the East Indies; they are of small
size and abundant where they occur. Thirteen species are known
belonging to the genera Homaloptera, Gastromyzon, Crossostoma,
and Psilorhynchus.
XIV. Cobitidina.—Mouth surrounded by six or more barbels.
Dorsal fin short or of moderate length; anal fin short. Scales small,
rudimentary, or entirely absent. Pharyngeal teeth in a single series,
in moderate number. Air-bladder partly or entirely enclosed in a bony
capsule. Pseudobranchiæ none: Loaches.
Misgurnus.—Body elongate, compressed. No sub-orbital spine.
Ten or twelve barbels, four belonging to the mandible. Dorsal fin
opposite to the ventrals; caudal rounded.
Four species from Europe and Asia. M. fossilis is the largest of
European Loaches, growing to a length of ten inches; it occurs in
stagnant waters of eastern and southern Germany and northern
Asia. In China and Japan it is replaced by an equally large species,
M. anguillicaudatus.
Nemachilus.—No erectile sub-orbital spine. Six barbels, none at
the mandible. Dorsal fin opposite to the ventrals.
The greater number of Loaches belong to this genus; about fifty
species are known from Europe and temperate Asia; such species
as extend into tropical parts inhabit streams of high altitudes.
Loaches are partial to fast-running streams with stony bottom, and
exclusively animal feeders. In spite of their small size they are
esteemed as food where they occur in sufficient abundance. The
British species, N. barbatulus, is found all over Europe except
Denmark and Scandinavia.
Cobitis.—Body more or less compressed, elongate; back not
arched. A small, erectile, bifid sub-orbital spine below the eye. Six
barbels only on the upper jaw. Dorsal fin inserted opposite to ventrals.
Caudal rounded or truncate.
Only three species are known, of which C. tænia occurs in
Europe. It is scarce and very local in Great Britain.
Botia.—Body compressed, oblong; back more or less arched.
Eyes with a free circular eyelid; an erectile bifid sub-orbital spine. Six
barbels on the upper jaw, sometimes two others at the mandibulary
symphysis. Dorsal fin commencing in advance of the root of the
ventrals; caudal fin forked. Air-bladder consisting of two divisions: the
anterior enclosed in a partly osseous capsule, the posterior free,
floating in the abdominal cavity.
Fig. 276.—Botia rostrata. From

Bengal.
This genus is more tropical than any of the preceding, and the
majority of the species (eight in number) are finely coloured. The
more elevated form of their body, and the imperfect ossification of
the capsules of the air-bladder, the divisions of which are not side by
side, but placed in the longitudinal axis of the body, indicate likewise
that this genus is more adapted for still waters of the plains than for
the currents of hill-streams.
Other genera from tropical India are Lepidocephalichthys,
Acanthopsis, Oreonectes (hills near Hong-Kong), Paramisgurnus
(Yan-tse-Kiang), Lepidocephalus, Acanthophthalmus, and Apua.
Fourth Family—Kneriidæ.
Body scaly, head naked. Margin of the upper jaw formed by the
intermaxillaries. Dorsal and anal fins short, the former belonging to
the abdominal portion of the vertebral column. Teeth none, either in
the mouth or pharynx. Barbels none. Stomach siphonal; no pyloric

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Long run analysis of Perfect competition has been moved to Chapter 9.

1. List the four basic market models and characteristics of each.

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COMMENTS AND TEACHING SUGGESTIONS

STUDENT STUMBLING BLOCKS

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Productive efficiency is relatively easy to explain and show graphically.

II. Four Market Models

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F. Determining equilibrium price for a firm and an industry:

VI. Last Word…Fixed Costs: Digging Yourself Out of a Hole

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1. For a perfectly competitive seller, price equals:

2. For a perfectly competitive firm total revenue:

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7. A firm reaches a break-even point (normal profit position) where:

9. A perfectly competitive firm's short-run supply curve is:

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(b) See graph.

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The farmer should plant and harvest four hectares.

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(1) (2) (3) (4)

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Feedback: Consider the following example.

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(1) (2) (3) (4)

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Fig. 271.—Pharyngeal bones and teeth of the

Fig. 273.—Cyprinus auratus, var.

About thirteen species are known from rivers of tropical Africa

A small fish (D. lamta), extremely abundant in almost all the

Seventeen species are known from fresh waters of the

The “Gudgeons” are small fishes of clear fresh waters of Europe;

Fig. 275.—The Bream ( Abramis brama).

Fig. 276.—Botia rostrata. From

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