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Suppose that the market for DVD rentals is perfectly competitive and operates at the industry's long-run equilibrium. At this point, Amazon and Hulu expand their

Suppose that the market for DVD rentals is perfectly competitive and operates at the industry's long-run equilibrium. At this point, Amazon and Hulu expand their online streaming services. Describe the long-run adjustment observed in the DVD rental industry, step by step. Explain the economic intuition for each change you describe and illustrate it with a graph.

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