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The Long Run Competitive Market
During the lecture, the competitive market was introduced. A graph was used to demonstrate a competitive market in which there was an economic profit. The profit motive causes an increase in supply. As additional producers enter the market, the price of the product or service decreases. In the end, price will decrease until the long-run equilibrium situation is reached which means that the economic profit decreases to zero....
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More about this material
- Material Type:
- Drill and Practice
- Date Added to MERLOT:
- January 2, 2023
- Date Modified in MERLOT:
- February 2, 2023
- Author:
- Linda Wilson, The University of Texas at Arlington
- Submitter:
-
Cathy Swift
- Primary Audience:
- College General Ed, College Lower Division
- Technical Format:
- Website
- Mobile Compatibility:
- Not specified at this time
- Language:
- English
- Cost Involved:
- No
- Source Code Available:
- Unknown
- Creative Commons:
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This work is licensed under a Attribution-NonCommercial-ShareAlike 4.0 International
