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Suppose rampant fears of Mad Cow disease cause a decrease in demand for beef. What will be the short-run effects of the declining demand for beef on the firm and the market? What will be the long-run effects? Explain in words and graphs. ---Try this first assuming the beef industry is a constant cost industry. Then try it assuming the beef industry is an increasing cost industry.----

I will be happy to critique your thinking on this.

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