Suppose that firms in the ocean shipping business can sell their decommissioned ships for scrap steel (to

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Suppose that firms in the ocean shipping business can sell their decommissioned ships for scrap steel (to be recycled). If the price of scrap steel rises, how would the supply function of a firm in the ocean shipping market change in the short run and the long run? (Assume the cost of buying a new ship hasn't changed.)
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Microeconomics

ISBN: 978-1118572276

5th edition

Authors: David Besanko, Ronald Braeutigam

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