Suppose a perfectly competitive market is in long run, Business Economics

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Suppose a perfectly competitive market is in long run

Suppose a perfectly competitive market is in long run equilibrium. The industry is one characterized as an increasing cost industry. What does this mean? Draw a graph and explain what happens in the short run and in the long run if there is a sudden increase in demand in this market.

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Business Economics: Suppose a perfectly competitive market is in long run

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