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At the time associated with Question 1, firms in the industry are earning positive economic profits. Using a side-by-side graph that depicts both the market
At the time associated with Question 1, firms in the industry are earning positive economic profits. Using a side-by-side graph that depicts both the market (on the left) and a representative firm (on the right), graphically depict this original short run equilibrium (SRE), showing (a) P (price), (b) Q (market output), (c) q (representative firm's output), and (d) (representative firm's profit)
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