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AP Microeconomics›Unit 3: Production, Cost, and the Perfect Competition Model›Production, Cost, and the Perfect Competition Model

Entry, Exit, and Long-Run Equilibrium

Firms shut down when price falls below average variable cost; entry and exit drive long-run economic profit to zero.

Shutdown rule
Economic vs. accounting profit
Long-run equilibrium

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3Production, Cost, and the Perfect Competition Model

The Production Function
Short-Run and Long-Run Costs
Profit Maximization and Perfect Competition
Entry, Exit, and Long-Run Equilibrium

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Monopoly

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Also called: shutdown point, long run equilibrium