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Business, 21.02.2020 03:24, pinkapple2396
Assume the market for tea is perfectly competitive and in the long run equilibrium. Suppose the price of coffee, a substitute for tea, increases. What will happen to the tea market as we move to the new long run equilibrium? Market quantity will ; market price will ; and firms' profits will Indicate whether increase, decrease, cannot tell, or no change as before the price shift is correct for each blank space.
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Assume the market for tea is perfectly competitive and in the long run equilibrium. Suppose the pric...
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