Microeconomics
Solutions
Microeconomics
Suppose all firms in a perfectly competitive market are in long-run equilibrium. Illustrate what a perfectly competitive firm will do if market demand rises.
Graphical illustration of effect of increase in demand on perfectly competitive firm.
Figure 1 shows the shift in demand curve
In figure 1, the vertical axis measures price and horizontal axis measures quantity. The upward sloping curve “S” is the supply curve and downward sloping curve “D” is the demand curve. A is the initial equilibrium point. Increase in demand shifts the demand curve to right...
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