Micro: Unit 3.8 -- Perfectly Competitive Firms in the Long Run
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- Опубликовано: 30 июн 2024
- Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
- Review how perfectly competitive firms are both productively and allocatively efficient in
the long-run
- Identify where productive and allocatively efficiency can be identified on a graph for a
perfectly competitive firm (P=Minimum ATC) (P=MC)
- Review the process by which changes in the industry cause perfectly competitive firms
to return to equilibrium in the long-run
- Use a side-by-side graph for a perfectly competitive market and firm to investigate how a
perfectly competitive firm goes from earning economic profits to earning normal profits
at long-run equilibrium
- Use a side-by-side graph for a perfectly competitive market and firm to investigate how a
perfectly competitive firm goes from taking economic losses to earning normal profits
at long-run equilibrium
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This channel is so underrated. Its the most comprehensive explanation on this topic I have seen so far. Thanks sir 🛐
This channel is sooooo underrated. this video is very well done!!!
Love your videos! You make me love Economics! My school professor makes me confused and hate economics
in the long run i will love economics bcz of MR.Willis Hahaha.Plz continue this series for my final exams.
Watched all of your micro videos great explanations keep it up love from Turkey!
The best so far ❤
Stonks Only goes up ... In the Long Run #edit: I love Economics
is it the same thing in a increasing cost industry or is it different?