... have to be higher to in order to produce the same quantity) and the long-run supply. The short-run supply shifts upward to SRS1, and the long-run supply to LRS2. The short-run effect is to ... perceived to occur with negligible risk, nevertheless most people prefer $1 today to $1 payable a year hence. One way of expressing this is that the present value – the value today – of a future ... competition tend to force price to the minimum long-run average total cost, and at that point, we have the three-way equality between long-run average total cost, short-run average total cost, and...