Suppose That a Perfectly Competitive Industry Is in Long-Run Equilibrium

question 98

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)Some firms will be forced to exit the industry.
• D)both a and b
• E)all of the above will happen

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