Demand goes down
Supply goes up
They make an X
At equilibrium
Price is flat
No control
And the firms are price takers
Perfect comp
Petition
And the firms go in and out
And there's one thing
Economists knowwww
MR = MC
chingching
MR above ATC
Proproproproproprofit
MR below ATC
Lololololoss
MR below AVC
Shutshutshutshutshutdown
This is all for short run
ATC
Minimum
Hits the price
In the long run
Firms that shift
Out and in
Result in
Normal profit
Low barriers
To entry
Many firms existing
Producing
Efficiently
Normal profits mean no monetary gain
We call this long run
Wachichichichichow
MR = MC
Wakikikikakikikikow
MR above ATC
Pro(ahhaah)fits
MR below ATC
Loooooosssss
Perfect competition
