(a) Using appropriate diagrams compare and contrast short-run equilibrium conditions with the
long-run equilibrium condition faced by a firm in perfect competition.
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The below mentioned article provides a close view on the Equilibrium of the Firm and Industry under Perfect Competition. After reading this article you will learn about: 1. Meaning of Firm and Industry 2. Conditions of Equilibrium of the Firm and Industry 3. Short-Run Equilibrium of the Firm and Industry 4. Long-Run Equilibrium of the Firm and Industry.
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