Competition, P = MR the firms determine output with an objective of maximum profit operating in this equilibrium condition wherein P and MR are the same Short-run and Long-run Equilibrium : In the short-run supernormal profits(super normal profits- returns more than normal return from investment )or loss could be generated. However, in the long-run, due to the ease with which entry a... https://finxl.in/best-financial-analyst-course.html