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Unformatted text preview: EACH) 5. (4 pts) Below, draw a graph of this company given that it was facing a price of $4 but and decided it was going to stay in business (NOT SHUT DOWN) in the short run. Label all lines. 6. (4 pts) Suppose the company is facing figure 1 in the short run. What would the firm look like in the long run? Show the graph below and label all lines....
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- Fall '08
- Economics, $4, perfectly competitive market, $8, $ 10, 1 $