Technology Reduces the Average Cost of Production,so in the Long

Multiple Choice

Technology reduces the average cost of production,so in the long run
i.perfectly competitive firms produce at a lower average cost.
ii.the market price of the good falls.
iii.firms with older plants either exit the market or adopt the new technology.

A) i only.
B) i and ii.
C) iii only.
D) i and iii.
E) i, ii, and iii.