Answer to Question #219924 in Microeconomics for ALICK BANDA

Question #219924

Assuming that a single firm is enjoying abnormal profits, draw another diagram to show the effects of the development of artificial fibres that reduces the demand for wool on the firm’s equilibrium position.


1
Expert's answer
2021-07-25T19:28:01-0400


The Equilibrium position shifts from point A to point B


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