2. Assume that the egg industry is perfectly competitive and is in long -run equilibrium with a...

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2. Assume that the egg industry is perfectly competitive and is in long -run equilibrium with a perfectly elastic long -run industry supply curve. Health concerns about cholesterol then lead to a decrease in demand. Construct a figure similar to Figure 7-7, showing the short -run behavior of the industry and how long -run equilibrium is reestablished.

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