Draw the long run market diagram

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Reference no: EM132142003

Question: Consider a perfectly competitive, constant-cost industry.

(a) Draw the long run market diagram with both the short run and long run supply curves. Explain the short run and long run producer surplus as found in this diagram.

(b) Now draw the long run market diagram for a perfectly competitive, increasing-cost industry with both the short run and long run supply curves. Explain the short run and long run producer surplus as found in this diagram.

Reference no: EM132142003

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