Suppose a Perfectly Competitive Constant-Cost Industry Is in Long-Run Equilibrium

question 223

Multiple Choice

Suppose a perfectly competitive constant-cost industry is in long-run equilibrium when market demand suddenly increases.What would probably happen to a firm in this industry in the long run?

• A)It would experience no change for the original equilibrium
• B)It would experience a higher equilibrium price
• C)It would experience a lower equilibrium price
• D)It would experience the same equilibrium price but would reduce its output
• E)It would experience higher average total costs and would reduce its output

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