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(Solution) - Use the following diagrams to answer a and b

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Use the following diagrams to answer a and b.



a. Show the effect of an increase in demand on the perfectly competitive firm?s price, marginal revenue, output, and profits in the short run.
b. Show the long-run effects of an increase in demand for the industry, and the effects on a perfectly competitive firm?s price, marginal revenue, output, and profits for a constant-costindustry.

 







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This question was answered on: Jul 11, 2017

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