4.12 The Application Upward-Sloping Long-Run Supply Curve for Cotton shows a supply curve for cotton. Discuss the
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4.12 The Application “Upward-Sloping Long-Run Supply Curve for Cotton” shows a supply curve for cotton. Discuss the equilibrium if the world demand curve crosses this supply curve in either
(a) a flat section labeled “Brazil” or
(b) the vertical section to its right. What do farms in the United States do?
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