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Draw a new set of graphs that illustrate long-run equilibrium in a constant-cost competitive industry. Use two graphs, one for the market and another for a representative firm. a. Show and discuss the effect an increase in market demand has on the representative firm and the market in the short run. Show and discuss the short-run effect an increase in demand has on the market price; firm and market output; firm profits; and the number of firms. b. Discuss and illustrate the market dynamics that take place in the long run. Show and discuss the long-run effect an increase in demand has on the market price; firm and market output; firm profits; and the number of firms. c. Discuss the market’s long-run supply curve for a competitive, constant-cost industry.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91238908

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