Short- Run Equilibrium Of the Firm under perfect competition. part-1

In this video I will explain short run equilibrium of the firm under perfect competition. We know P=AR=MR. Thus they make a single line parallel to X-axis. Whereas refers to the time period during which the size of the plant and productive capacity of the firm cannot be changed. New entry and exit in the industry is not possible. As each firm faces different conditions and different circumstances. Thus the equilibrium level for all of them may not be identical. Economist have described four possibilities of equilibrium level in short-run. 1.Abnormal profit 2.Normal profit 3.A little or Minor loss 4.Shut down point