Kathryn's Kites is a profit-maximizing firm in a competitive market.
a.Draw a graph of Kathryn's firm next to a graph for the market,assuming the market is in long-run equilibrium.
b.Now assume the demand for kites decreases.Redraw a graph of Kathryn's firm next to a graph for the market.
c.What do you expect to happen in the long run?
Correct Answer:
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b.
c.In the long run,firms will ...View Answer
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