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Long-Run Supply

  • Michael R. Hammock
  • J. Wilson Mixon
Chapter
  • 1.6k Downloads

Abstract

This chapter develops the long-run supply curve for a competitive industry. It begins with the simplest case, in which the industry consists of identical firms whose cost curves are not affected by the number of firms. Next it allows for these identical firms’ costs to be influenced by the number of firms. Then it analyzes the case in which each firm has unique cost curves. Finally, it addresses the implication of allocative efficiency.

Keywords

Cost Curve Supply Curve Identical Firms Competitive Industry Price-taking Firms 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

References

  1. 1.
    McAfee RP (2006) Introduction to economic analysis. Available at www.introecon.com

Copyright information

© Springer Science+Business Media, LLC 2013

Authors and Affiliations

  • Michael R. Hammock
    • 1
  • J. Wilson Mixon
    • 2
  1. 1.Department of Economics and FinanceMiddle Tennessee State UniversityMurfreesboroUSA
  2. 2.Berry CollegeMount BerryUSA

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