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Assume a purely competitive increasing-cost industry is initially in long-run equilibrium, producing 15 million units at a market price of $10.00. Suppose that an increase
Assume a purely competitive increasing-cost industry is initially in long-run equilibrium, producing 15 million units at a market price of $10.00. Suppose that an increase in consumer demand occurs. After all economic adjustments have been completed, which output and price combination is most likely to occur
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