English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Tools annual

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Tools monthly

Global: Zendy Plus monthly

Presents the access of premium content as premium feature

Premium Content

Global: Zendy Plus annual

Global: Zendy Free Plan

In developing the theory of long-run competitive equilibrium (LRCE), Marshall(1890) used the notion of a representative firm. The identity of this firm,however, remained unclear. Subsequent theory either focused on the case whereall firms are identical or else incorporated heterogeneity but disregarded thenotion of a representative firm. Using Hopenhayn's (1992) model of competitiveindustry dynamics, we extend the theory of LRCE to account for heterogeneousfirms and show that the long-run supply function can indeed be characterized asthe solution to the minimization of a representative average cost function.

The Industry Supply Function and the Long-Run Competitive Equilibrium with Heterogeneous Firms