There is a technological advance in a perfectly market. Which of the following statements is NOT true?
A) As more firms begin to use the new technology, the market supply increases and the price falls.
B) Technological change brings permanent gains to producers and temporary gains to consumers.
C) In the new long-run equilibrium, all the old-technology firms have exited.
D) In the long-run equilibrium, competition eliminates any short-run economic profit.
Correct Answer:
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