Discuss the shape of the long-run supply curve in a perfectly competitive market. Suppose that a perfectly
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Discuss the shape of the long-run supply curve in a perfectly competitive market. Suppose that a perfectly competitive market is initially at long-run equilibrium and then there is a permanent decrease in the demand for the product. Draw a graph showing how the market adjusts in the long run.
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The longrun supply curve in a perfectly competitive market will be a horizontal li...View the full answer
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