Discuss some of the efficiency implications of a perfectly competitive industry when it is in long-term (long-run) equilibrium (Remember: in perfect competition the market mechanism leads to an optimal allocation of resources, how does it manifest itself optimally?)

• Pindyck, R.andD. Rubinfeld (2001), Microeconomics,5th edition, Pearson-Prentice Hall, Madrid. (Chapter8). Chapter8,"The Maximization of Profits and Competitive Supply"