Business, 10.09.2019 02:10, acharity196

Assume a perfectly competitive constant-cost industry is initially at long-run equilibrium. now suppose that a decrease in market demand occurs. after all the long-run adjustments have been completed, the new equilibrium price
a. will be greater than the initial price, but the new output will be less.
b. will be the same as the initial price, and the output will be less.
c. and industry output will be less than the initial price and output.
d. will be less than the initial price, but the new output will be greater.

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Assume a perfectly competitive constant-cost industry is initially at long-run equilibrium. now supp...