Assume the Watermelon Industry Is Perfectly Competitive and in Long-Run

question 351

Multiple Choice

Assume the watermelon industry is perfectly competitive and in long-run equilibrium with a market price of $10. If the demand for watermelons increases in this decreasing-cost industry, long-run equilibrium will be reestablished at a price

• A) greater than $10.
• B) less than $10.
• C) equal to $10.
• D) either greater than or less than $10, depending on the number of firms that enter the industry.

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