Question on long run equilibrium

Reference no: EM1369349

Suppose the market for Kitty Litter. Suppose this industry is perfectly competitive and is presently in long-run equilibrium. Suppose people start to prefer dogs as pets and cat ownership declines. What impact would this have on the Kitty Litter market and the individual Kitty Litter producer in the SR? In the LR?

Reference no: EM1369349

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