Short run and long run supply curves of a perfect competitive firm.

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Chapter 22, Problem 8CQ

To determine

Short run and long run supply curves of a perfect competitive firm.

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What are the similarities and differences between a short-run supply curve and a short-run market supply curve?

At the current short-run market price, firms will __________ in the short run. In the long run, ____________ the market given the current market price.