Change: There is a mistake on the graph above, the last graph should say "decreasing cost industry"LR supply for a decreasing-cost industry Firms experiences lower costs as the industry expands, indicated by the third graph of the figure at the right (the title of that   View changes from previous version. (Word count: 560)

Change: unslopingsloping line Industry produces as larger output at a higher product price because the industry expansion has increased resource prices and the minimum ATC. Thus, a higher price is required to induce more production, because costs per unit of output increase as production rises. LR supply for   View changes from previous version. (Word count: 521)

Change: Industry produces as larger output at a higher product price because the industry expansion has increased resource prices and the minimum ATC. Thus, a higher price is required to induce more production, because costs per unit of output increase as production rises. LR supply for a decreasing-cost industry Firms   View changes from previous version. (Word count: 521)

Change: Result: higher equilibrium price than the original price, which is why the increasing-cost industry graph at the right (second graph) is an upward unsloping line LR supply for a decreasing-cost industry Firms experiences lower costs as the industry expands, indicated by the third graph of the figure at the right   View changes from previous version. (Word count: 469)

Change:  Economic losses will cause firms to leave the industry (the demand curve already shifted to downwards and the price has decreased). Exit of firms causes   View changes from previous version. (Word count: 341)

Change: There were only format changes (bold, italics, etc.) in this version. See this version for details. (Word count: 278)

Change: Economic profit will lure new firms into the industry. Some entrants will be newly created firms; others will shift from less prosperous industries. Since more   View changes from previous version. (Word count: 210)

Change: AssumptionsEntry and exit only-Identical costs- Constant-cost industry- Long-run Equilibrium Entry eliminates economic profits Exit eliminates lossesLong-run Supply for a constand cost industryLR supply for an increasing cost industryLR supply for a decreasing-cost industry   View changes from previous version. (Word count: 42)

Change: Created by welkerjason Oct 20 2007, 11:29 PM EDT for: no reason given