I. Bellwork:

Summarize the article.  Explain what Grubhub is doing, how it is impacting profits, its competitors, and the market.
https://seekingalpha.com/article/4301773-grubhub-end-begins

II.  Objectives:

• Explain why industry behavior differs in the short run and long run
• Analyze, construct interpret, and communicative  changes in the long run and their impact on profit and loss
• Distinguish between the short-run and long-run supply curve

III.  Discussion Perfect Competition in the Long Run 3.6 PPT

From Short-run to Long-run in Perfect Competition

Perfect Competition in the Long-Run- Micro Topic 3.7 (2 of 2)

IV.  Classwork 60.1 & 60.2 Sheet on iLearn