tailieunhanh - 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.