We can now fully describe the perfectly competitive industry in both short run and long run equilibrium.

Short Run Equilibrium Long Run Equilibrium

P = MC P = MC

P > AVC ATC minimum = P

Profits + or - Profits = 0

Entry or Exit No Entry or Exit

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Short Run Equilibrium	Long Run Equilibrium
P = MC	P = MC
P > AVC	ATC minimum = P
Profits + or -	Profits = 0
Entry or Exit	No Entry or Exit