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 short 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

How about in the long run? Answer for each of the variables in a-e.

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

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