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The figure to the right shows the long-run equilibrium for the coffee industry for three different levels of demand 18.00- (D1, D2, and D3). Assume
The figure to the right shows the long-run equilibrium for the coffee industry for three different levels of demand 18.00- (D1, D2, and D3). Assume that the coffee industry is 16.00- perfectly competitive and that firms earn a normal level of profit at each market equilibrium. Illustrate the long-run 14.00- industry supply curve. 12.00- Using the line drawing tool, graph the long-run industry supply curve. Label this curve 'S ' 10.00- Dollars per unit Carefully follow the instructions above, and only draw the 8.00- required object. 6.00- 4.00- 2.00- 0.00- 0.0 0.5 1:0 1.5 2.0 2.5 Output (10,000s per day)
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