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3. Consider the two graphs below. Graph A represents a typical firm in a purely competitive industry. Graph B represents the supply and demand conditions

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3. Consider the two graphs below. Graph A represents a typical firm in a purely competitive industry. Graph B represents the supply and demand conditions in that industry. The dashed horizontal line represents the current market price for firms and for the industry. In the long run, what will happen to (a) the number of firms in the industry, MC P ATC (b) the supply curve, D (c) price, and 0 O Firm Industry (d) profit

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