English: A series of cost curves showing one way of implementing profit maximisation (producing where MC=MR). Here, the elastic demand curve would imply short run perfect competition. If that is the case, then in the long run, no profits could be made (or maximised!).
to share – to copy, distribute and transmit the work
to remix – to adapt the work
Under the following conditions:
attribution – You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
share alike – If you remix, transform, or build upon the material, you must distribute your contributions under the same or compatible license as the original.
2010-10-05T20:45:52Z Jarry1250 560x400 (3803 Bytes) {{Information |Description={{en|Diagram showing that it is possible that a firm in [[:en:perfect competition|]] makes an [[:en:Economic profit|abnormal profit]], if P > min(ATC). In the [[:en:long run|]], however, only normal
{{Information |Description={{en|1=A series of cost curves showing one way of implementing profit maximisation (producing where MC=MR). Here, the elastic demand curve would imply short run [[:en:perfect compe