Animated and verbal exploration of market equilibrium in perfect competition and how such markets adjust when the equilibrium is disturbed by a change in conditions such as changes in demand and production costs. Overall industry equilibrium is traced through labor and factor market equilibrium to equilibrium in a perfectly competitive industry which employs these inputs to demand and supply equilibrium.

The distinction between short run and long run equilibrium for firms is explored and the short run vs. long run exit conditions are examined and illustrated.

This app contains 12 animated graphs with voice over that plays as graphs are drawn. Users can jump ahead to which ever graph or portion of graph is of interest.

Useful for any undergrad micro economics.

Developed in conjunction with Professor Thomas Nechyba for the Micro Economics curriculum, Department of Economics, Duke University, Durham, NC