On a diagram similar to Figure 7.4, show the long-run equilibrium for both firm and industry under
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On a diagram similar to Figure 7.4, show the long-run equilibrium for both firm and industry under perfect competition. Now assume that the demand for the product falls. Show the short-run and long-run effects.
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This is illustrated in Diagram 72 The longrun equilibrium is shown w...View the full answer
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