Business, 14.04.2020 22:30, 122333444469
Assume a constant-cost industry that is initially in long-run competitive equilibrium. An increase in demand will cause a(n) in prices and profits, and as a result, firms will the industry, causing the market supply curve to shift , which, in turn, will eventually cause the equilibrium price to be before.
a. decrease; exit; leftward; lower than
b. increase; enter; rightward; higher than
c. decrease; exit; rightward; higher than
d. increase; enter; rightward; the same as
e. increase; exit; leftward; lower than
Answers: 2
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Assume a constant-cost industry that is initially in long-run competitive equilibrium. An increase i...
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