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Using diagrams for both the industry and representative firm illustrate competitive long run equilibrium assuming constant costs; employ these diagrams to show how increase and
Using diagrams for both the industry and representative firm illustrate competitive long run equilibrium assuming constant costs; employ these diagrams to show how increase and decrease in market demand will upset the long-run equilibrium. Trace graphically and describe with your daily life examples the adjustment process by which long run equilibrium is restored
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