In a competitive industry, resources move across firms in such a way that the total value of production is maximized. -- Above-normal profits are eliminated by exit, and below-normal profits are eliminated by entry. -- In a perfectly competitive market, each firm produces its last unit at one of several marginal costs. -- Outcomes that people neither intend or design can be desirable with the right institutions. -- In a competitive industry, production is divided in such a way that total costs of production are minimized. -- The economist, Joseph Schumpeter, argued that Creative Destruction is one of the most harmful aspects of capitalism