Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium. a. How do you know
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a. How do you know that the industry is in long-run equilibrium?
b. Suppose that there is an increase in demand for this product. Show and explain the short-run adjustment process for both the firm and the industry.
c. Show and explain the long-run adjustment process for both the firm and the industry. What will happen to the number of firms in the new long-run equilibrium?
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a The industry is in longrun equilibrium if quantity supplied equals quantity demanded an...View the full answer
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