Unformatted text preview: produce in the short run? If your answers differ, why? Question 8 Chapter 9 Question 9 Also: Assume the market for textiles is perfectly competitive and in long run equilibrium. Then a large fire in the garment district destroys numerous textile factories. What will be the short run effect on the market price and quantity? What will be the short run effect on the typical textile firm’s profit and quantity produced? What will be the long run price and quantity in the market? What will be the long-run profit and quantity produced by a typical firm?...
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- Fall '10
- Economics, Economics of production