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During the year, a new fertilizer is introduced that does not increase any of the farms' costs, but increases the total corn harvest to 16
During the year, a new fertilizer is introduced that does not increase any of the farms' costs, but increases the total corn harvest to 16 billion bushels. The following graphs show the new short-run equilibrium as a result of the new fertilizer. Assume that no other factors affect the market for corn. Illustrate what happens to a representative farm operating in the corn market to adjust back to a long-run equilibrium
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