Multiple Choice
Assume a perfectly competitive industry is in long-run equilibrium at a price of $75. If this industry is a constant-cost industry and the demand for the product decreases, long-run equilibrium will be reestablished at a price
A) greater than $75.
B) less than $75.
C) of $75.
D) either greater than or less than $75 depending on the magnitude of the decrease in demand.
Correct Answer:
Verified
Correct Answer:
Verified
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