Business, 14.08.2020 21:01, 4004JuCh18

Suppose the minimum possible price of constructing homes is $50 per square foot. As a result of a sharp drop in the demand for home construction, the equilibrium price of home construction falls to $40 per square foot. Assuming the home construction industry is perfectly competitive and there are no specialized inputs, firms will:

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Suppose the minimum possible price of constructing homes is $50 per square foot. As a result of a sh...