Show the effect of an increase in demand

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Reference no: EM131443105

Question: Use the following diagrams to answer a and b.

a. Show the effect of an increase in demand on the perfectly competitive firm's price, marginal revenue, output, and profits in the short run.

b. Show the long-run effects of an increase in demand for the industry, and the effects on a perfectly competitive firm's price, marginal revenue, output, and profits for a constant-cost industry.

Reference no: EM131443105

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