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Home Q & A Board Other Fields Homework Help Business Economics
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Rken Rken
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7 years ago
Assume the peanut industry, a perfectly competitive industry, is in long-run equilibrium with a market price of $5. If demand for peanuts increases and this industry is a decreasing-cost industry, long-run equilibrium will be reestablished at a price
A) less than $5.
B) greater than $5.
C) equal to $5.
D) either greater than or less than $5, depending on the number of firms that enter the industry.
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Akshtsaklani21Akshtsaklani21
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#1
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7 years ago
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Rken Author
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