文档介绍：petition petition Short-run equilibrium of firm and industry (profit maximising) O £ (b) Firm Q (thousands) O (a) Industry P Q (millions) S D Pe MC AR D = AR = MR Qe AC AC Short-run equilibrium of industry and firm under petition petition The industry supply curve O O (a) Industry P £ P1 Q (millions) S D1 (b) Firm D1 = MR1 MC P2 D2 = MR2 D2 P3 D3 = MR3 D3 Q (thousands) Deriving the short-run supply curve a b c = S petition Long-run equilibrium O O P £ Q (millions) S1 D LRAC PL P1 QL Se AR1 D1 ARL DL Q (thousands) Long-run equilibrium under petition New firms enter Supernormal profits Profits return to normal (a) Industry (b) Firm £ Q O (SR)AC (SR)MC LRAC AR = MR DL LRAC = (SR)AC = (SR)MC = MR = AR Long-run equilibrium of the firm under petition