Assume a perfectly competitive industry making peanuts is in long-run equilibrium. The price per pound of peanuts is $2. Next, assume that the demand for peanuts increases in the short run, and the price rises to $4 per pound. If this is a constant cost industry, what price per pound should we expect in the long-run
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Assume a perfectly competitive industry making peanuts is in long-run equilibrium. The price per pou...
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