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Canadian red wheat is a normal good, in a perfectly competitive market which is in long run equilibrium. There occurs a boom in the economy
Canadian red wheat is a normal good, in a perfectly competitive market which is in long run equilibrium. There occurs a boom in the economy and income rise. What effect does this have on short run equilibrium price and equilibrium quantity?
Draw a long run industry graph showing the change described above. Remember to label every curve, label your axes, and demonstrate the resulting changes in the axes.
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