the supply curve for a market. There are two cases to consider. First,
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market with a fixed number of firms. Second,
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number of firms can change as old firms exit the market and new firms enter. Both
cases are important,
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ods of time,
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fixed number of firms is appropriate. But over long periods of time,
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firms can adjust to changing market conditions.
T H E S H O R T R U N : M A R K E T S U P P LY W I T H
A FIXED NUMBER OF FIRMS