3 Assume that for firms with cost curves like those in Figure 9.13 , the average total...

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3 Assume that for firms with cost curves like those in Figure 9.13 , the average total cost of producing all levels of good suddenly falls. (Before this decrease in costs, the market was in a long-run equilibrium.) Describe what happens in the short run and long run to firms in this market. In the long run does this fall in costs benefit firms? In the long run does this fall in costs benefit consumers?

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