Maurice Tutor

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Category > Economics Posted 13 May 2018 My Price 4.00

short-run adjustment process

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

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

    2. Suppose that there is an increase in demand for this product. Show and explain the short-run adjustment process for both the firm and the industry.

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

Answers

Maurice Tutor
(5)
Status NEW Posted 13 May 2018 12:05 PM My Price 4.00

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