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Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium. How do you know that the industry is in long-run equilibrium? Suppose that

Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium.

How do you know that the industry is in long-run equilibrium?
Suppose that there is an increase in demand for this product. Show and explain the short-run adjustment process for both the firm and the industry.
Show and explain the long-run adjustment process for both the firm and the industry. What will happen to the number of firms in the new long-run equilibrium?

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