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A perfectly competitive market is in short-run equilibrium with price at $50 and the average cost of businesses in the market at $40. a. Outline

A perfectly competitive market is in short-run equilibrium with price at $50 and the average

cost of businesses in the market at $40.

a. Outline the trends that will push this market toward long-run equilibrium.

b. Once this market reaches its long-run equilibrium, will the minimum-cost pricing rule be

met? Explain.

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