Buy custom Competition leads to a more efficient use of resources
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| Topic: |
Business
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| Number of pages / Number of words: |
6 / 1654 |
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The firm now is gaining supernormal profit (the shaded area ABPSRPLR) in a short run; as a result, there will be more firms rushing into the industry due to the existence of the supernormal profit. In the long run, the pressure of increasing supply in the industry will push the price at PSR down to the price at PLR where it just equals the lowest level of LRAC, where firms can only get a normal profit for continuing running the business...
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From the graph, it is easy to see that in the perfectly competitive market, the market price in the long run must be equal to both the firms’ marginal cost and the lowest level of the their long-run average cost. According to the definitions, it is both allocatively and productively efficient. Hence, economic efficiency is achieved...
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