An in-depth exploration of how the entry of new firms into an industry can drive up input prices and increase the minimum average total cost for all firms, leading to an upward-sloping long-run supply curve.
A comprehensive exploration of the industry demand for labour, its determinants, and its impact on the economy.
Normal Profit refers to the minimum profit necessary for a producer to remain involved in a particular industry in the long-term. It is a critical concept in economic theory that helps explain market entry and competition.
In economics, the short run is a period of time during which existing firms can increase production in response to changing economic conditions, but cannot increase their capacity or allow new firms to enter the industry.
