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Suppose, as a Result of a Long-Run Adjustment in a Perfectly

Question 180

Multiple Choice

Suppose, as a result of a long-run adjustment in a perfectly competitive industry to a change in demand, price and output both rose.Therefore, demand must have __________ in this __________ industry


A) fallen; increasing cost
B) fallen; decreasing cost
C) increased; increasing cost
D) increased; decreasing cost
E) decreased; constant cost

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