Micro 3.6 Perfect Competition in the Long Run: Econ Concepts in 60 Seconds for AP Micro

Mr. Clifford's 60 second explanation of perfect competition in the long run. The firm starts in the short run making profit and then firms enter driving the price down. The firm ends up in long-run equilibrium. Please keep in mind that these clips are not designed to teach you the key concepts. These videos are a review tool to help you better understand what you learned in class.

ACDC is Mr. Clifford's teaching philosophy:
Active Learning
Cooperative Learning
Discovery Learning
Community

Category:

Education

Tags:

• long
• equilibrium
• unit
• review
• perfect
• perfectly
• competition
• short
• run
• market
• industry
• firm
• AP
• micro
• econ
• microeconomics
• economics

[bamboneski]

they just werent watering them ..lol

[elpadrinojr99]

If you do not understand Long run equilibrium with dude's video then you're just straigh out stupid .Thanks Mr Clifford.

[hammad0105]

THANK YOU SOO MUCH!!!! makes soo much sense now :D

[00chicken101]

But if you're talking about the individual firm, then yes they produce 8 because the MR line is lowered so the MR=MC point is both lower and to the left.

[00chicken101]

@MsKrose1 If you're talking about what he labeled at about 1:20 in the video, that says Q1 not 8.

[MsKrose1]

so at $7 they are producing 8 Quantity?

[joanlimst]

this is going help me pass my economics paper. thanks!!! :) 

[cinqueottavi]

Thanks.May I ask a question professor? From your explanation, I think the Long Run condition will never exist.Correct? If there is no profit, there will be no firm who want to enter but there will be also no company who want to stay.So you will never reach the Long Run.Correct?

[c4landrea]

i wish you were my teacher!

[ngtienminhhuy]

cool style impressing me at the very beginning