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Explain fully why the short-run supply curve always has a positive slope but the long run supply curve can have a positive or negative slope.
Explain fully why the short-run supply curve always has a positive slope but the long run supply curve can have a positive or negative slope. Assuming that the long run supply curve has a negative slope what happens to the equilibrium price in the short run and in the long run if demand for the product increases
Please refer to Principles of microeconomics 7th edition mankiw
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