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Loraine Loraine
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9 years ago
Technology reduces the average cost of production, so in the long run
i.   perfectly competitive firms produce at a lower average cost.
ii.   the market price of the good falls.
iii.   firms with older plants either exit the market or adopt the new technology.
A) i only.
B) i and ii.
C) iii only.
D) i and iii.
E) i, ii, and iii.
Textbook 
Essential Foundations of Economics

Essential Foundations of Economics


Edition: 7th
Authors:
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Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.
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SmooothSmoooth
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8 years ago
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8 years ago
You're welcome Happy Dummy
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