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i)Consider a perfectly competitive industry operating in the long run equilibrium. How would a technological advance affect the market price and output of the industry.
i)Consider a perfectly competitive industry operating in the long run equilibrium. How would a technological advance affect the market price and output of the industry. Explain.
ii)In the process of adjusting to technological advances, firms that adopt the new technology early enjoy economic profits whilst those that keep on using the old technology suffer economic losses. Explain.
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