Economics (McConnell), AP* Edition, 20th EditionChapter 11:
Pure Competition in the Long Run After studying this chapter, you should be able to: LO 11.1 | Explain how the long run differs from the short run in pure competition. | LO 11.2 | Describe how profits and losses drive the long-run adjustment process of pure competition. | LO 11.3 | Explain the differences between constant-cost, increasing-cost, and decreasing-cost industries. | LO 11.4 | Show how long-run equilibrium in pure competition produces an efficient allocation of resources. | LO 11.5 | Discuss creative destruction and the profit incentives for innovation. |
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