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A perfectly competitive market is initially in long-run competitive equilibrium. Then, market demand ...

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A perfectly competitive market is initially in long-run competitive equilibrium. Then, market demand ...

A perfectly competitive market is initially in long-run competitive equilibrium. Then, market demand falls. By the time all adjustments have been made, price will be __________ its original level if the industry is a(n) __________ costs industry.

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above; decreasing

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at; constant

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at; increasing

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below; increasing

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a and d

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Economics

Edition: 12^th

Author: Arnold

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