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3. Assume that the web-hosting service industry is pertectly competitive and that all web-hosting service providers are identical. Also assume that web-hosting services occur at

3. Assume that the web-hosting service industry is pertectly competitive and that all web-hosting service providers are identical. Also assume that web-hosting services occur at datacenters that exhibit constant returns to scale. a. Graphically show what happens to the price and quantity of web-hosting services in the short run and the long run after there is a decrease in the demand for web-hosting services. b. Briefly explain your graphical analysis.

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