February 2016
Beginner to intermediate
500 pages
33h 40m
English
Content preview from Managerial Economics and Strategy, 2/eBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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8.3 Competition in the Long Run
Originally one thought that if there were a half dozen large computers in this country, hidden away in research laboratories, this would take care of all requirements we had throughout the country.
—Howard H. Aiken, Harvard, 1952
In the long run, competitive firms can vary inputs that were fixed in the short run and firms can enter and exit the industry freely, so the long-run firm and market supply curves differ from the short-run curves. After briefly looking at how a firm determines its long-run supply curve to maximize its profit, we examine the relationship between short-run and long-run market supply curves and competitive equilibria.
Long-Run Competitive Profit Maximization
The firm’s two profit-maximizing ...
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