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Assume that the medical education industry is constant cost and is in long-run equilibrium. Demand increases,...

Assume that the medical education industry is constant cost and is in long-run equilibrium. Demand increases, but due to strict accreditation standards, new firms are not allowed to enter the market. Analyze the determination of a new long-run equilibrium, showing the effects for a representative school as well as for the market as a whole.

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