Multiple Choice
Suppose that a perfectly competitive industry is in long-run equilibrium.The price of a complement good decreases.What will happen?
A) Next period a typical firm will increase output.
B) Next period a typical firm will earn positive economic profit.
C) Eventually firms will exit the industry.
D) both a and b
E) all of the above will happen
Correct Answer:
Verified
Correct Answer:
Verified
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