A representative firm producing cloth is earning a norma
Question and Solution
A representative firm producing cloth is earning a normal profit at a price of $10 per yard. Draw a supply and demand di
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A representative firm producing cloth is earning a normal profit at a price of $10 per yard. Draw a supply and demand diagram showing equilibrium at this price. Assuming that the industry is a constant-cost industry, use the diagram to show the long-term adjustment of the industry as demand grows over time. Explain the adjustment m echanism.
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