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Suppose the milk industry is characterized by perfect competition and is in long run equilibrium. A

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Suppose the milk industry is characterized by perfect competition and is in long run equilibrium. A

Suppose the milk industry is characterized by perfect competition and is in long run equilibrium. As a result of a change in the price of orange juice, a substitute for milk, the demand curve for milk shifts out. If milk is a decreasing-cost industry, what will happen in the long run?
A) The price of milk will decrease at first but then return to the original price.
B) The price of milk will stay the same.
C) The price of milk will increase.
D) The price of milk will decrease.

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stars_and_moon Author

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7 years ago

Incredible!

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kingby

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7 years ago

I instantly knew the answer when I read the question, happy to help

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