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Occupational Health and Safety, Canadian Edition

15th Edition
by David L. Goetsch, University of West Florida and Oskaloosa-Walton Eugene Ozon, Algonquin College
1035 Solutions 49 Chapters 1451 Studied ISBN: 0133450244 Computer Science 5 (1)

Chapters 11: DQ 1

DISCUSSION QUESTIONS

1. Explain how the long run differs from the short run in pure competition.


Step-By-Step Solution

DISCUSSION QUESTIONS

1. Explain how the long run differs from the short run in pure competition.

Answer: The entry and exit of firms in our market models can only take place in the long run. In the short run, the industry is composed of a specific number of firms, each with a plant size that is fixed and unalterable in the short run. Firms may shut down in the sense that they can produce zero units of output in the short run, but they do not have sufficient time to liquidate their assets and go out of business.

In the long run, by contrast, the firms already in an industry have sufficient time to either expand or contract their capacities. More important, the number of firms in the industry may either increase or decrease as new firms enter or existing firms leave.


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