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The figure to the right shows the long-run equilibrium for the coffee industry for three different levels of demand (D1, D2, and 18.00- D3). Assume
The figure to the right shows the long-run equilibrium for the coffee industry for three different levels of demand (D1, D2, and 18.00- D3). Assume that the coffee industry is perfectly competitive and that firms earn a normal level of profit at each market equilibrium. Illustrate the long-run industry supply curve. Using the line drawing tool, graph the long-run industry supply curve. Label this curve 'S_'. Carefully follow the instructions above, and only draw the required object. 10.00- Dollars per unit 8.00- 6.00- 4.00- 2.00- 0.00- 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Output (10,000s per day)
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