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nyounger nyounger
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5 years ago
Suppose a perfectly competitive industry is in long-run equilibrium. If a decrease in demand leads to a lower long-run price, we know that

• this is an increasing-cost industry.

• after further adjustments, price will rise to its original level.

• some firms will be losing money in the long run.

• this is a decreasing-cost industry.
Textbook 
Economics Today: The Micro View

Economics Today: The Micro View


Edition: 19th
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mcwieckmcwieck
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nyounger Author
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5 years ago
Brilliant
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