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Business, 25.03.2021 18:50 xxaurorabluexx

Suppose the wheat market is in the long-run equilibrium. Suddenly wheat becomes more popular and its demand increases. Draw a new set of graphs (for individual firm and the market) showing the initial long-run equilibrium, the new short-run equilibrium after the demand increase, and the final long-run equilibrium after the demand increase. Briefly explain the process.

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