Business
Business, 10.03.2020 22:59, wizewolf

Suppose that a perfectly competitive industry is in long-run equilibrium. Every firm is producing at minimum average total cost, and all firms are identical. Demand in this industry decreases. Which of the following will not occur in the short run?A. Firms will produce less. B. Firms will exit the industry. C. The price will fall. D. The industry will produce less. E. Profits will be negative.

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Suppose that a perfectly competitive industry is in long-run equilibrium. Every firm is producing at...

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