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Predict the shift in the direction of the reaction for the following chemical reaction:
4HCl (g) + (g)
(g) +
O (g)
a) if water ( O) is added
b) if chlorine ( ) is removed
c) if oxygen ( ) is removed
Long-run Equilibrium
Long-run equilibrium occurs when all producers in a market are producing at their minimum long-run average cost, and no new firms wish to enter or exit the market.
Average Cost
The total cost of production divided by the number of goods produced, also known as unit cost.
Marginal Cost
The increase in total cost that arises from an extra unit of production.
Elasticity
A measure of how much the quantity demanded or supplied of a good responds to a change in price or other factors.
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