Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Assume a purely competitive increasing-cost industry is in long-run equilibrium. If a decline in demand occurs, firms will
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leave the industry, price will fall, and quantity produced will rise.
enter the industry and price and quantity will both rise.
leave the industry and price and quantity will both rise.
leave the industry, price will fall, and quantity produced will fall.
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