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Increasing cost industry - PowerPoint PPT Presentation

9.4 Perfect Competition Long Run Equilibrium

9.4 Perfect Competition Long Run Equilibrium. Re-cap the Short Run. The short run is a timeframe in which at least one of the resource inputs used in production cannot be changed: Positive/Negative Economic profits or, Break-even Break-even is what happens in the LONG RUN!. The Long Run.

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462 views • 31 slides

Pure Competition

21. Pure Competition. Chapter Objectives. Names and Main Characteristics of the Four Basic Market Models Conditions for Perfect Competition How Do Purely Competitive Firms Maximize Profits or Minimize Losses Why the Marginal Cost and Supply Curves For Competitive Firms Are Identical

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Micro Chapter 21 Key Terms

Micro Chapter 21 Key Terms. pure competition pure monopoly monopolistic competition oligopoly imperfect competition price taker average revenue. constant-cost industry increasing-cost industry decreasing-cost industry Natural Monopoly marginal revenue total revenue.

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114 views • 1 slides

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Increasing cost industry - PowerPoint PPT Presentation

9.4 Perfect Competition Long Run Equilibrium

Pure Competition

Micro Chapter 21 Key Terms