In Problem, suppose that the demand for widgets doubles (so that, for example, on the new demand
Question:
a. In the short run, what is the new price of a widget?
b. In the long run, what is the new price of awidget?
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Industry-Wide Demand Price Firm's Marginal Cost Curve Quantity Quantity 500 400 300 200 100 50 25 10 Marginal Cost $2 $2 12 12 15 15
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