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Draw a diagram of a competitive market in equilibrium, both in the short run and the long run (thus employing both a short-run and a
Draw a diagram of a competitive market in equilibrium, both in the short run and the long run (thus
employing both a short-run and a long-run supply curve); show the effect that a demand increase has
on the demand curve, on the new short run and long run equilibrium and on the prices and quantities
in the new short-run and long-run equilibrium.
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