Explain the difference between the short-run and the long-run equilibrium of a firm under perfect…


Explain the estrangement among the short-run and the long-run makeweight of a rooted beneath unblemished race. If the rooteds are in short-run makeweight, procure the competitive activity, as a all, be in makeweight in the long-run as-well? Comment. 7½ What is a ‘subsidy’? Explain how the service of a contribution is rive among buyers and sellers in a competitive communicate. 7½.