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Let P2 denote the new long-run equilibrium price, Q2 denote the new long-run equilibrium market quantity, and q2 denote the new equilibrium quantity produced by
Let P2 denote the new long-run equilibrium price, Q2 denote the new long-run equilibrium market quantity, and q2 denote the new equilibrium quantity produced by an individual (representative) firm. Hint: Even though this question does not require submitting any attachments, you may consider drawing a side-by-side graph of the new long run equilibrium for your own use. How does the initial market quantity from Question 1 (Q0) compare to Q2
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