A perfectly competitive market is initially in long-run competitive equilibrium.Then,market demand falls.By the time all adjustments have been made,price will be __________ its original level if the industry witnesses __________ costs.
A) above; decreasing
B) at; constant
C) at; increasing
D) below; increasing
E) a and d
Correct Answer:
Verified
Q149: All firms in an industry sell their
Q150: Exhibit 23-10 Q153: In long-run competitive equilibrium SRATC = LRATC, Q161: A perfectly competitive market is initially in Q162: In a perfectly competitive market, if a Q165: If the long-run industry supply curve is Q171: When an industry is described as a Q172: The long-run industry supply curve is the Q174: A perfectly competitive market is initially in Q180: Resource allocative efficiency exists for a perfectly
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