Suppose a competitive industry is in long-run equilibrium, Business Economics

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Suppose a competitive industry is in long-run equilibrium

Suppose a competitive industry is in long-run equilibrium; then the price of a substitute good (in consumption) decreases. What happens in the short run?

The market demand curve?

The market supply curve?

Market price?

Market output?

The firm’s output?

The firm’s profit?

In the short run?

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Business Economics: Suppose a competitive industry is in long-run equilibrium

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Business Economics: Suppose a competitive industry is in long-run equilibrium

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