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Economics

Suppose that a competitive industry is in long Run competitive equilibrium. Then the price of substitute good (in consumption) decreases. What will happen to the short run to

1.The market demand curve?
2. The market supply curve.
3. Market price?
4. Market output?
5. The firm's output?
6. The firm's profit?

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9167155

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