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Business, 20.04.2021 18:30 shayshayyy41

The market for beef is in long-run equilibrium at a price of $3.25/lb. The announcement that mad cow disease has been discovered in the United States reduces the demand for beef sharply, and the price falls to $2.00/lb. If the beef industry is characterized as a constant cost industry where input prices do not change as more firms enter the market, then when long-run equilibrium is re-established the price will be:

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The market for beef is in long-run equilibrium at a price of $3.25/lb. The announcement that mad cow...
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