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1 April, 07:32

The model of monopolistic competition characterizes the market for plumbing services in a city. suppose that the market is in long-run equilibrium. for a typical plumbing firm, price:

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  1. 1 April, 08:00
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    For a typical plumbing firm, price: will equals average total cost.

    A market is considered to achieve equilibrium if the amount of Demand in the market is exactly the same as the amount of supply.

    From this, we can conclude that if the market is in long-run equilibrium, the price of a product will always match the total cost.
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