Assume that a monopolistically competitive industry is in long-run equilibrium. On a diagram like Figure 8.1(b), show
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Assume that a monopolistically competitive industry is in long-run equilibrium. On a diagram like Figure 8.1(b), show the effect of a fall in demand on a firm’s price and profit in (a) the short run and (b) the long run.
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See Diagram 81 below In longrun equilibrium the firm will be making normal profi...View the full answer
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