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please explain with diagram Consider a perfectly competitive industry that is initially in long run equilibrium. Suppose there is an improvement in technology which reduces

please explain with diagram

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Consider a perfectly competitive industry that is initially in long run equilibrium. Suppose there is an improvement in technology which reduces the average total cost of all firms but the marginal cost remains unchanged. Explain how this industry adjust to the new long run equilibrium. What is the change in equilibrium price, equilibrium market output, and equilibrium firm output after the industry has reached the new long run equilibrium? Please explain with diagrams

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