question archive Draw a picture of long-run equilibrium in a perfectly competitive market
Draw a picture of long-run equilibrium in a perfectly competitive market
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Draw a picture of long-run equilibrium in a perfectly competitive market. You should show a picture of the market as well as an individual firm. Be sure to label everything and explain what indicates that the market is in long-run equilibrium. Next, suppose market demand increases. Show the new short-run equilibrium. Explain.
