9. Suppose that purely competitive firms producing cashews discover that P exceeds MC. Will their combined output
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9. Suppose that purely competitive firms producing cashews discover that P exceeds MC. Will their combined output of cashews be too little, too much, or just right to achieve allocative efficiency? In the long run, what will happen to the supply of cashews and the price of cashews? LO5
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Related Book For 
Essentials Of Economics
ISBN: 9780077502140
3rd Edition
Authors: Stanley Brue, Campbell McConnell, Sean Flynn
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