Long Run Equilibrium in Perfect Competition (with Adjustment)
12:17
YouTubeeconhelp
Long Run Equilibrium in Perfect Competition (with Adjustment)
Hi everyone in this video I talk about long run equilibrium in perfect competition. In particular I explain why firm profits (π), will be equal to 0, and why this corresponds to price being equal to the minimum of firm average total cost. In the second-half of the video I also explain how the model adjusts towards that equilibrium. 0:00 ...
19.3K viewsMay 28, 2023
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