Suppose that an industry is in long-run perfect competition, Business Economics

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Suppose that an industry is in long-run perfect competition

Suppose that an industry is in long-run perfect competition equilibrium. Then the price of a substitute good (in consumption) decreases. What will happen in the LONG run to: a. The market supply and demand curves b. Market price c. Market output d. The firm’s output e. The firm’s profit

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Business Economics: Suppose that an industry is in long-run perfect competition

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