Assume the Smart Watch Industry Is a Perfectly Competitive Industry

question 5

Multiple Choice

Assume the smart watch industry is a perfectly competitive industry that uses a specialized input. If this industry experiences an increase in demand, we might expect that in the long run:

• A) both input and output prices will increase.
• B) only input prices will increase.
• C) only output prices will increase.
• D) neither input nor output prices will increase.

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