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Use the following to answer question:
Figure 8.26 Use the following to answer question: Figure 8.26 -(Figure 8.26) The graph shows a perfectly competitive industry in long-run equilibrium. The price is _____. If technology lowers production costs by an average of 50%, the new long-run equilibrium price will be _____.
-(Figure 8.26) The graph shows a perfectly competitive industry in long-run equilibrium. The price is _____. If technology lowers production costs by an average of 50%, the new long-run equilibrium price will be _____.

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