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Assume that a company operates in a perfect competitive market (atomistic market) that is in long-term equilibrium. Suddenly, market demand falls and stays at the

Assume that a company operates in a perfect competitive market (atomistic market) that is in long-term equilibrium. Suddenly, market demand falls and stays at the new lower level. Draw and explain what this means in the market and for the individual company in the short and long term.

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