Point out the main difference between the equilibrium of a firm and an

1.	Point out the main difference between the equilibrium of a firm and an industry.
Answer» The main difference between the equilibrium of a firm and an industry is the following: Industry is a group of firms which are producing a homogeneous product. An industry is in equilibrium when all the firms are operating and no new firm enters the market or no existing firm leaves the industry. Industry equilibrium is determined by conditions of demand and supply. The industry will be in the condition of equilibrium when all firms are in equilibrium, no new firms enter and no old firms leave the industry. Industry will be in the position of equilibrium in the long run because all the possible adjustments can be made. Long run equilibrium of an industry is more stable.

Point out the main difference between the equilibrium of a firm and an industry.

Answer»

The main difference between the equilibrium of a firm and an industry is the following:

Industry is a group of firms which are producing a homogeneous product.
An industry is in equilibrium when all the firms are operating and no new firm enters the market or no existing firm leaves the industry.
Industry equilibrium is determined by conditions of demand and supply. The industry will be in the condition of equilibrium when all firms are in equilibrium, no new firms enter and no old firms leave the industry.
Industry will be in the position of equilibrium in the long run because all the possible adjustments can be made. Long run equilibrium of an industry is more stable.