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In the long run, why does the market supply curve stabilize at the minimum average total cost (ATC) despite changes in demand?
Under what conditions do firms earn zero economic profit in the long run?
How does the entry of new firms eliminate short run profits and restore long run equilibrium in a competitive market?
What are the long run effects of increased market demand on the number of firms and overall supply?
How does the entry of new firms eliminate short run profits and restore long run equilibrium in a competitive market?
If consumer preferences shift towards gluten-free products, how will the wheat market adjust in the long run?
How do firms in perfect competition determine the quantity of output to produce?
In perfect competition, how do firms determine the quantity of output to produce?
What happens to the equilibrium price and quantity of smartphones in the short run if demand increases?
If the demand for coffee increases, what happens to the equilibrium price and quantity, and how does the market adjust back to long run equilibrium?