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Perfectly competitive firm and industry

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Reference no: EM13841716

1. Draw graphs showing a perfectly competitive firm and industry in long run equilibrium.

a. How do you know that the industry is in the long-run equilibrium?

b. Supposed that there is an increase in demand for this product. Show and explain adjustment process for both firm and industry

c. Show and explain the long-run adjustment process for both the firm and the industry. What will happen to the number of firms in the new long-run equilibrium?

Reference no: EM13841716

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