an inward shift of the demand curve in the competitive market for paper clips. Using fully labeled, side-by-side graphs for the market and the (typical) firm, show what happens (at both the market and firm level) in the short run and long run. In the firm-level graph, be sure to draw a plausible MC and ATC curve for the firm. Show and label any economic profits or losses. You can show both the short run and long run effects on the same pair of graphs.