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ECON 1023 UPDATED Exam Questions And CORRECT Answers
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Long-Run (pure competition) firms can expand or contract capacity; firms can enter or exit the industry. Formula for long run equilibrium P=MC (zero economic profit)= min ATC Long-Run Adjustment process firms seek profits and shun losses; free to enter and exit; production will occur at firm's minimum ATC; price will equal min average ATC; MR= min ATC Temporary profits and long run adjustment entry eliminates profits (temporary profits will entice new firms to enter industry, increasing supply and lowering price until economic profits are zero; increase in demand temporarily raises price; increased supply returns price to equilibrium
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ECON 1023
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ECON 1023
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