STEEM ENTRY AND EXIT

The price p3 corresponding to the minimum of the steem curve is called entry or exit price. Steem are making only normal profits there is no incentive to enter or leave the industry. The resources tied up in the steem are earning just as much as their opportunity costs, what they could earn elsewhere.
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Any price less than p3 will induce the steem to leave, or exit form, the industry in the long run.

quote The steem behaviour in the short run and long run is rather like the behaviour of a good steem poker player.

In the short run the steem poker player is dealt a particular hand and plays the hand if it is likely to be profitable. If not, will his player temporarily shut down by throwing in the hand.
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Over time player gets new hands just as a firm can gradually rearrange its factors of production. When the steem poker player realizes that, whatever the cards, the long run outlook is bad because other player are better, the player should leave the game altogether, similarly if a firm realizes that,
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However it adjusts its factors of production, it is going to make losses in the long run it should leave the industry.