Question: Explain concisely the step-by-step process by which the industry returns to long run equilibrium. Your answer should include the effects on the individual firm's output

Explain concisely the step-by-step process by which the industry returns to long run equilibrium. Your answer should include the effects on the individual firm's output and profit, a well as any industry-wide adjustments that take place. Be sure to comment on the link between the firm and the industry

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