4.) Output, Price, and Profit: The Importance of Marginal Analysis When a perfectly competitive industry is in long-run

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4.) Output, Price, and Profit: The Importance of Marginal Analysis When a perfectly competitive industry is in long-run

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4.) Output, Price, and Profit: The Importance of Marginal Analysis
When a perfectly competitive industry is in long-run equilibrium, firms maximize profits so that P = MC. First, describe the relationship between the firm and the industry under perfect competition in the long-run. Then, describe the firm supply curve under perfect competition in the short-run. Next, describe the industry supply curve under perfect competition in the short-run. Lastly, give one example of the firm under perfect competition in the long-run and one example of the industry under perfect competition in the long-run from a recent news article.
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