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Suppose that the smartphone industry is a perfectly competitive, decreasing cost industry and the initial SR and LR market equilibrium price and quantity are P0and

Suppose that the smartphone industry is a perfectly competitive,decreasingcost industry and the initial SR and LR market equilibrium price and quantity are P0and Q0. Suppose that the demand for smartphonesincreases. If the new SR equilibrium price and quantity are PSRand QSRand the new LR equilibrium price and quantity are PLRand QLR, then

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P0> PLR> PSRand QLR< QSR< Q0.

PSR> PLR= P0and Q0< QSR< QLR.

PSR> P0> PLRand Q0< QSR< QLR.

PLR> P0> PSRand QLR> QSR> Q0.

PLR> P0> PSRand QLR< QSR< Q0.

PSR> PLR> P0and Q0< QSR< QLR.

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