Chapter 14

I would give this section a difficulty of 2.5. It's similar to the last chapter and builds on some of the previous concepts we learned, but that's a part of what makes this section difficult for me. As I didn't have as good of an understanding as normal, this chapter will also be hard for me. There are a lot of equations again and different circumstances to remember about how curves relate to each others positions and the slopes of other curves. One part that I was able to relate to a previous chapter was the way firms enter and exit the market. In a way it's like finding the equilibrium quantity and price, but this time with the quantity being firms. I was also interested but confused on the explanation of firms choosing to shut down in the short run or long run, because of the difference in costs versus revenue.