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Rken Rken
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7 years ago
Assume a perfectly competitive industry is in long-run equilibrium at a price of $20. If this industry is a constant-cost industry and the demand for the product decreases, long-run equilibrium will be reestablished at a price
A) greater than $20.
B) of $20.
C) less than $20.
D) either greater than or less than $20 depending on the magnitude of the decrease in demand.
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DeToXiFYDeToXiFY
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7 years ago
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Rken Author
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#2
7 years ago
Thanks a lot
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