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Microeconomics II
book

Microeconomics II

by D.N. Dwivedi
August 2011
Intermediate to advanced content levelIntermediate to advanced
368 pages
14h 51m
English
Pearson India
Content preview from Microeconomics II
28 Chapter 2
rms quit the industry, supply declined and the supply curve shis le side as shown by the dotted supply
curve SS. Price goes up and loss disappears and rm reaches another equilibrium point.
LONG-RUN EQUILIBRIUM OF THE FIRM AND INDUSTRY
To begin the discussion on the long-run equilibrium of the rm and industry, let us have comparative
look at the short- and long-run market conditions. e short run is, by denition, a period in which
(i) rm’s cost and revenue curves are given, (ii) rms cannot change their size—their capital is xed,
(iii) existing rms do not have the opportunity to leave the industry and (iv) new rms do not ...
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Publisher Resources

ISBN: 9788131797655