Business, 04.08.2021 15:20, lauren203

A constant-cost, perfectly competitive market is in long-run equilibrium. At present, there are 1,000 firms each producing 400 units of output. The price of the good is $60. Now suppose there is a sudden increase in demand for the industry's product which causes the price of the good to rise to $64. In the new long-run equilibrium, how will the average total cost of producing the good compare to what it was before the price of the good rose

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A constant-cost, perfectly competitive market is in long-run equilibrium. At present, there are 1,00...