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Distinguish between the market period (the short-short run), the short run and the long run....

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Accounting

Distinguish between the market period (the short-short run), the short run and the long run. Under what conditions will the long run equilibrium in a perfectly competitive market involve successive equilibria that exhibits an increase in both the equilibrium price and the equilibrium quantity? Explain using graphical analysis where appropriate, making sure to define the key terms and relationships you use in your answer. (10 marks each)

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