Using diagrams for both the industry and a representative firm, illustrate competitive long-run equilibrium. Assume constant costs Given the change in demand in the diagram on the left, show how this affects the representative firm. Instructions: On the diagram on the right, click and drag the horizontal MR line to reflect the change in the industry diagram. Industry Representative Firm MC S АТC B A MR D2 Quantity Quantity Price Price, ATC, MC

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