Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium. a. Suppose that there is
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a. Suppose that there is a decrease in demand for this product. Show and explain the short-run adjustment process for both the firm and the industry.
b. 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 decrease in demand causes the price to fall to P 2 T...View the full answer
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