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QUESTION
Suppose the hot-pretzel stand industry in Toronto is perfectly competitive and operating in long-run equilibrium. There are 1000 firms in the...
Suppose the hot-pretzel stand industry in Toronto is perfectly competitive and operating in long-run equilibrium. There are 1000 firms in the industry. Each firm has the usual U-shaped average-total-cost curve. The market is in long-run competitive equilibrium.
