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lecture and text book notes chapter 12

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Western University
Economics 1021A/B
Michael Parkin

Lec- Textbook-Chapter 12 Output, price and profit in the short run – short run equilibrium is where the market demand curve intersects the market supply curve – a change in the demand brings a change in short run equilibrium in the short run equilibrium a firm may break even, make an economic profit, or incur an economic loss output, price and profit in the long run – although the short run equilibrium, a firm may make an economic profit, break even, or incur an economic loss, only one of them is a long run equilibrium because the firms can enter of exit the market entry and exit – new firms enter an industry in which existing firms make an economic profit – firms exit an industry in which they incur an economic loss changing tastes and advancing technology – the demand for and supply of some items increase and the demand for and supply for others decrease – the market for recorded music illustrates changes in demand that arise from changing tastes and changes in supply that arise from advances in technology A permanent change in demand – a decrease in demand
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