Chapter 12 - Perfect Competion And The Supply Curve Flashcards
1
Q
Price-takers
A
Aviation’s have no effect on price
2
Q
Most competitive industries have
A
Free entry and exit
3
Q
Short-run market equilibrium
A
The quantity supplied equals the quantity demanded, taking the number of producers as given
4
Q
Long-run market equilibrium
A
When the quantity supplied equals the quantity demanded, given that sufficient time has elapsed for entry and exit from the industry to occur
