What you’ll learn to do: explain the difference between short-run and long-run equilibrium
This section will focus on the long-run adjustment process. In the short run, firms do not have control over their fixed inputs, but in the long run, they can adjust their factors of production to remain productive.
The specific things you’ll learn to do in this section include:
- Explain the concept of “zero economic profit”
The learning activities for this section include:
- Reading: Entry and Exit Decisions in the Long Run
- Self Check: Entry and Exit Decisions and Zero Economic Profit
Take time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.