University of Hawai‘i at Mānoa Department of Economics

University of Hawai‘i at MānoaDepartment of Economics

ECON 130 (003): Principles of Economics (Micro)

http://www2.hawaii.edu/~lindoj

Gerard Russo

Lecture #22

Thursday, April 1, 2004

LECTURE 22The Perfectly Competitive Firm in the Long-Run

The Perfectly Competitive Industry in the Long-Run: Long-Run SupplyConstant-Cost Industry Increasing-Cost IndustryDecreasing-Cost Industry

(milllions)(thousands)

Perfectly Competitive Firm

Perfectly Competitive Industry

LATCS0

Long-Run Equilibrium: P=AR=MR=MC=ATC=LATC

New Short-Run Equilibrium: P=AR=MR=MC>ATC>LATC

MC LATC S0

CONSTANT-COST INDUSTRY

New Short-Run Equilibrium: P=AR=MR=MC>ATC>LATC

New Long-Run Equilibrium: Entry Causes Price to Fall and Costs to Rise

Costs go up.

Price goes down

Costs go up.

Price goes down

INCREASING-COST INDUSTRY

Perfectly CompetitiveFirm

Perfectly CompetitiveIndustry

LATC0 S0

New Long-Run Equilibrium: Entry Causes Price to Fall and Costs to Fall

MC0LATC0

Decreasing-Cost Industry

University of Hawai‘i at Mānoa Department of Economics

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