Effect of decrease in price of substitute good

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Suppose that a competitive industry is in long Run competitive equilibrium. Then the price of substitute  good (in consumption) decreases. What will happen to the short run to

1.The market demand curve?
2. The market supply curve.
3. Market price?
4. Market output?
5. The firm's output?
6. The firm's profit?

 

Reference no: EM1316778

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