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Assume a perfect competition industry, where each firm in the industry earns zero economic profits. Suppose there is an increase demand for the good in

Assume a perfect competition industry, where each firm in the industry earns zero economic profits. Suppose there is an increase demand for the good in question. Show GRAPHICALLY (at the industry level and the firm level) the short run and long run effects of this increase demand, showing what happens to industry price and quantity, and firm price and quantity and profits.

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Macroeconomics

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3rd edition

978-0393923902

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