7. Short-run supply and long-run equilibrium Consider the competitive market for titanium. Assume that, regardless of how
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7. Short-run supply and long-run equilibrium
Consider the competitive market for titanium. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph.
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/6675b2923a8e7_4586675b2921e2d1.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/6675b292a5ad1_4586675b2927f03a.jpg)
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