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Assume that a perfectly competitive market is in long-run equilibrium. Suppose as aresult of a health hazard associated with the industry's product; demand decreases drastically.

Assume that a perfectly competitive market is in long-run equilibrium. Suppose as aresult of a health hazard associated with the industry's product; demand decreases drastically. Explain and illustrate what happens in the short run and in the long run.

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