English: A series of cost curves showing one way of implementing profit maximisation (producing where MC=MR). Here, the elastic demand curve would imply short run perfect competition. If that is the case, then in the long run, no profits could be made (or maximised!).
2010-10-05T20:45:52Z Jarry1250 560x400 (3803 Bytes) {{Information |Description={{en|Diagram showing that it is possible that a firm in [[:en:perfect competition|]] makes an [[:en:Economic profit|abnormal profit]], if P > min(ATC). In the [[:en:long run|]], however, only normal
{{Information |Description={{en|1=A series of cost curves showing one way of implementing profit maximisation (producing where MC=MR). Here, the elastic demand curve would imply short run [[:en:perfect compe