Use the following to answer question:
Figure 8.26
-(Figure 8.26) The graph shows a perfectly competitive industry in long-run equilibrium. The price is _____. If technology lowers production costs by an average of 50%, the new long-run equilibrium price will be _____.

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Use the following to answer question:
Figure 8.26 
-(Figure 8.26) The graph shows a perfectly competitive industry in long-run equilibrium. The price is _____. If technology lowers production costs by an average of 50%, the new long-run equilibrium price will be _____.

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The Answer of Use the following to answer question:
Figure 8.26 
-(Figure 8.26) The graph shows a perfectly competitive industry in long-run equilibrium. The price is _____. If technology lowers production costs by an average of 50%, the new long-run equilibrium price will be _____.

Use the Following to Answer Question