Draw the representative firmmarket graph of a perfectly, Microeconomics

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Draw the representative firmmarket graph of a perfectly

Question: Draw the representative firm/market graph of a perfectly competitive market in long-run equilibrium. Be sure to include and label all necessary curves.

(a) Suppose the market demand curve shifts outwards, describe and depict on your graph what happens in the market both in the short run and in the long run.

(b) Suppose the market demand curve shifts inwards, describe and depict on your graph what happens in the market both in the short run and in the long run.

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