Long-Run Equilibrium Positions Homework Help

Long-Run Equilibrium Positions of Firm and Industry

As all factors are variable in the long-run, firms can adjust its supply which affects the equilibrium price and quantity.

New firms will be attracted to the industry if existing firms are making supernormal profit while existing firms that cannot cope with subnormal profit will exit from the industry.

Eventually, in the long run, only efficient firms exist and will be earning normal profit as illustrated below.

 

489_entry and exit of firms.png

 

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