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 is a(n) __________ costs industry.
A) above; decreasing
B) at; constant
C) at; increasing
D) below; constant
Correct Answer:
Verified
Q163: A firm produces the quantity of output
Q171: If all firms in an industry sell
Q172: Which of the following statements is true?
A)A
Q173: Exhibit 22-10 Q175: Resource allocative efficiency exists for a perfectly Q177: A perfectly competitive market is initially in Q178: A perfectly competitive market is initially in Q179: If the long-run industry supply curve is Q180: A perfectly competitive market is initially in Q184: Why is profit maximized at the level
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