apters 91011 i Help Refer to the diagrams which pertain t.pdf

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The diagrams portray both long-run and short-run equilibrium for a purely competitive firm and industry. They show the firm's and industry's equilibrium in both the short-run, with fixed costs, and the long-run, with variable costs and ability to exit or enter the industry.

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apters 9,10,11 i Help Refer to the diagrams, which pertain to a purely competitive firm producing
output q and the industry in which it operates. Which of the following is correct? Multiple Choice
The diagrams portray both long-run and short-run equilibrium.The diagrams portray both long-run
and short-run equilibrium. The diagrams portray short-run equilibrium but not long-run equilibrium.
The diagrams portray long-run equilibrium but not short-run equilibrium. The diagrams portray
neither long-run nor short-run equilibrium.

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