Suppose an industry consists of many firms with identical cost structures, represented by the typical individual firm
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Suppose an industry consists of many firms with identical cost structures, represented by the “typical individual firm” in panel A of Figure 13P-6. Price is P1. With the aid of panel A, draw the short-run market supply curve in panel B and show the firm and market output quantities at the equilibrium price in each panel. Label the firm output q1 and the market output Q1.
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The firm output quantity 24 units is found along ...View the full answer
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