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Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium.
a. How do you know that the industry is in long run equilibrium
b. Suppose that there is an increase in demand for this product. Show and explain the short-run adjustment process for both the firm and the industry.
c. Show and explain the long-run adjustment process for both the firm and the industry. What will happen to the number of firms in the new long-run equilibrium?
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At the beginning of this year, daily consumption of gasoline in the US amounted to 344 million gallons. It is estimated that for every 10% increase in the price of gasoline, the demand for gasoline reduces by 2.00%.
Using demand and supply and competitive analysis, describe what happens to a pharmaceutical company's revenues and profits from an individual drug once it loses its patent protection. Then identify at least one strategy the company can use to mitigat..
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