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f. The cost of expanding is very low. Knowing that this market will very soon stabilize at the long-run equilibrium levels of perfectly competitive prices
f. The cost of expanding is very low. Knowing that this market will very soon stabilize at the long-run equilibrium levels of perfectly competitive prices and out- put. Decide on whether you would recommend your manager to go ahead with the expansion or not, and if so, by how much (in terms of output produced)
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