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30 November, 09:09

Suppose that initially the price is $50 in a perfectly competitive market. firms are making zero economic profits. then the market demand shrinks permanently and some firms leave the industry and the industry returns back to a long-run equilibrium. what will be the new equilibrium price, assuming cost conditions in the industry remain constant? "

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  1. 30 November, 11:34
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    The new equilibrium price would be $50
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