Economics Denzel Presentation (Perfect Competition)
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Economics Denzel Presentation (Perfect Competition)
- 5. Quantity Cost P = MR= AR= D Long run equilibrium in perfect competition MC AC Qe 0
- 6. Long-run equilibrium (industry) Price Quantity S D 0 P Q^ (industry)
- 7. Cost Quantity P = MR= AR= D MC AC Q1 C P1 Firm in perfect competition making supernormal profit 0
- 8. Price Quantity S1 D P1 Q1 S2 P2 Q2 0 Cost Quantity P1 MC AC Q1 C P1 P2 Q2 The impact on a market of supernormal profit 0
- 9. Short-run losses Cost Quantity C P Q Loss MC AC P=MR=AR=D
- 10. Break-even price Cost Quantity MC AC P=MR=AR=D
- 11. Shut down point Cost Output MC AC P=MR=AR=D AVC C E D B P A P1 Q 0 Loss