tailieunhanh - Lecture Microeconomics (20/e): Chapter 11 - Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn

Chapter 11 - Pure competition in the long run. After studying this chapter, you should be able to: Explain how the long run differs from the short run in pure competition; describe how profits and losses drive the long-run adjustment process of pure competition; explain the differences between constant-cost, increasing-cost, and decreasing-cost industries; show how long-run equilibrium in pure competition produces an efficient allocation of resources; discuss creative destruction and the profit incentives for innovation.