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Alfred marshall theory of a long run

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Explain Alfred Marshall's theory of a long run (long period) competitive equilibrium (the theory still used to this day to explain the long-run outcome of perfectly competitive markets). What is the relationship between the price of a commodity and its unit cost in the long run? What are the processes that force market prices toward that long run outcome? Does utility play a role in the determination of price in the long run?

Reference no: EM13904716

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