econ001-Examstyle-Q5

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Hailey College of Banking & Finance *

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1

Subject

Economics

Date

Nov 24, 2024

Type

PNG

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1

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1.Short Run Long Run STEP: 10f 2 Suppose the book-printing industry is competitive and begins in a long-run equilibrium. Then Hi-Tech Printing Company invents a new process that sharply reduces the cost of printing books. Suppose Hi-Tech's patent prevents other firms from using the new technology. Which of the following statements are true about what happens in the short run? Check all that apply. - Hi-Tech's average-total-cost curve remains the same. v Hi-Tech's marginal-cost curve shifts downward.
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