Competitive Firm and Long-Run Equilibrium of the Industry and Industry Supply

This article theoretically and practically examines the long-run equilibrium of a firm and an industry operating under conditions of perfect competition. In the long run, the entry and exit of firms into and from the market, the elimination of economic profit, and the efficiency of resource allocation are analyzed. In addition, the mechanism of industry supply formation, its long-term characteristics, and its economic significance are explained. The findings of the research help clarify the stability and efficiency of competitive markets