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Industry Y is a perfectly competitive industry. Assume that as a result of changes in other markets ...

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Industry Y is a perfectly competitive industry. Assume that as a result of changes in other markets ...

Industry Y is a perfectly competitive industry. Assume that as a result of changes in other markets there is a twenty percent increase in the price of variable inputs used by firms in industry Y. After all adjustments have taken place, we would expect the equilibrium price in industry Y to:
A) decrease and the number of firms to increase.
B) decrease and the number of firms to decrease.
C) increase and the number of firms to increase.
D) increase and the number of firms to decrease.

Textbook

Economics for Managers

Edition: 3^rd

Author: Farnham

Read 269 times

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