Short-Run Outcomes

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Southern New Hampshire University *

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201

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Economics

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Feb 20, 2024

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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. 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. The following graph shows Hi-Tech's initial marginal-cost curve ( MC 1 MC1) and average-total-cost curve ( ATC 1 ATC1) before the new technology, and its marginal-cost curve ( MC 2 MC2) and average-total-cost curve ( ATC 2 ATC2) after the new technology. Now suppose the patent expires and other firms are free to use the technology.
Which of the following statements are true about what happens in the long run? Check all that apply.
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