Lecture Economics (19/e) - Chapter 9: Pure competition in the long run

After reading this chapter, you should be able to: Explain how the long run differs from the short run in pure competition; describe why profits encourage entry into a purely competitive industry and losses result in firms exiting the industry; explain how the entry and exit of firms affects resource flows and long-run profits and losses; explain the differences between constant-cost, increasing-cost, and decreasing-cost industries. 09 Pure Competition in the Long Run McGrawHill/Irwin Copyright

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09 Pure Competition in the Long Run McGrawHill/Irwin Copyright © 2012 by The McGrawHill Companies, Inc. All rights reserved. The Long Run in Pure Competition • In the long run •Firms can expand or contract capacity •Firms enter and exit the industry LO1 9-2 Profit Maximization in the Long Run • Easy entry and exit •The only long-run adjustment we consider • Identical costs •All firms in the industry have identical costs • Constant-cost industry •Entry and exit do not affect resource prices LO2 9-3 LongRun Equilibrium • Entry eliminates profits •Firms enter •Supply increases •Price falls • Exit eliminates losses •Firms exit •Supply decreases •Price rises LO3 9-4 Entry Eliminates Economic Profits S1 MC $60 ATC $60 50 50 MR 40 40 S2 D2 D1 LO3 9-5 ... - tailieumienphi.vn

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