Suppose the market for glasses is in long-equilibrium at a price of $50 per pair and at
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Suppose the market for glasses is in long-equilibrium at a price of $50 per pair and at a quantity of 10,000 pairs sold per year. If the demand permanently increases, use a graph to illustrate the long-run effects on equilibrium price and quantity. Use another graph to show the effect on the cost curves of a company in the glasses industry.
Briefly explain.
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