Describe what happens to output, market price and economic profit in the short run and in the
Question:
Describe what happens to output, market price and economic profit in the short run and in the long run in a competitive market following:
1 An increase in market demand.
2 A decrease in market demand.
3 The adoption of a new technology that lowers production costs.
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Related Book For 
Economics
ISBN: 9781118150122
10th European Edition
Authors: Michael Parkin, Dr Melanie Powell, Prof Kent Matthews
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