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Increase in the long-run equilibrium price

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Is the following statement true, False or Uncertain? Explain, making sure to include diagrams in your explanation.

Consider a good in a perfectly competitive market. Suppose there is an increase in the fixed cost of production for this good (all else unchanged). As a result, this will lead to an increase in the long-run equilibrium price of this good and firms will increase production.

Reference no: EM132511970

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