Assume the Data Backup Industry,a Perfectly Competitive Industry,is in Long-Run

question 35

Multiple Choice

Assume the data backup industry,a perfectly competitive industry,is in long-run equilibrium with a market price of $3 per 10GB.If demand for data backup decreases and this industry is a decreasing-cost industry,long-run equilibrium will be reestablished at a price

• A) greater than $3.
• B) less than $3.
• C) equal to $3.
• D) either greater than or less than $3, depending on the number of firms that enter the industry.

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Definitions:

Advanced Techniques

Highly developed skills or methods in a particular field, often requiring specialized knowledge or experience.

Corporate Voice

The unique tone and style of communication that distinguishes a company or brand in its written and spoken messages.

Large Audiences

A significantly sized group of people who gather in person or connect via media to receive information, entertainment, or other content.

Three-Step Process

A methodological approach typically broken into three sequential phases to achieve a task or solve a problem.